UOL readies mega Thomson Reserve condo launch in 4Q2026, and luxury NoMad Hilton hotel debut

The 1,268-unit Thomson Reserve residential development — a joint venture (JV) between UOL Group and CapitaLand Development — will be launched for sale in the fourth quarter of 2026.

Following which, the debuts of the Dorset Gardens condo and the Hougang Central landmark mixed-use development are both slated for 2027.

UOL's solid launch pipeline follows recent strong sales momentum from property development, across Singapore projects such as Watten House, Pinetree Hill, Meyer Blue, Skye at Holland, UpperHouse at Orchard Boulevard, and ParkTown Residence.

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Those projects, in which UOL has a 90% effective stake, are between 79% and 100% sold as at Aug 9, the property and hospitality group said in its 1H2026 financial results announcement on Aug 12.

Higher operating profits from property development and property investments drove a 16% y-o-y increase in UOL’s attributable profit before fair value and other gains (operating Patmi) to $239.8 million for the first half of this year.

UOL noted that its projects' resilient sales performance comes as Singapore's residential market has been supported by healthy demand-supply dynamics and strong household balance sheets. The company expects new home sales to remain stable.

"Demand for quality homes in good locations has remained healthy, with buyers continuing to gravitate towards new launches that offer strong connectivity and comprehensive amenities," said Liam Wee Sin, UOL group CEO.

"This gives us confidence as we prepare for the launch of Thomson Reserve, our next residential development," he added.

Upcoming residential launches

Thomson Reserve, a high-profile mega development that will rise on the site of the former Thomson View condo along Bright Hill Drive, is set to launch in 4Q2026.

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It is a 50:50 JV between UOL Group and CapitaLand Development.

Sitting on a 51,567 sq m (555,063 sq ft) leasehold site, it will comprise 1,268 residences, ranging from two-bedroom to five-bedroom units.

UOL and CapitaLand's $810 million en bloc purchase of Thomson View, first announced in October 2024, was completed in October 2025.

Located next to Upper Thomson MRT Station and within 1km of Ai Tong School, the new condo is expected to offer panoramic views of MacRitchie Reservoir, Windsor Nature Park, and the Lower and Upper Peirce Reservoirs.

Also in the pipeline is the Dorset Gardens project, which will feature two 28-storey residential towers with about 428 units and is targeted for launch in the first half of 2027.

An 80:20 JV between UOL Group and Kheng Leong, the project will sit on a 10,399 sq m leasehold government land sale (GLS) site. The consortium was awarded the site after having submitted the top bid of $1,338 psf per plot ratio (ppr) or $524.3 million, out of nine bids, last October.

The upcoming Dorset Gardens condo will be located along Dorset Road in District 8 in the city fringe, next to Farrer Park MRT Station and popular schools such as St Joseph’s Institution.

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Meanwhile, in the second half of 2027, the Hougang Central project is expected to launch.

Situated on a 46,899 sq m leasehold site, the mixed-use development will have more than 800 residential units with about 28,000 sq m of commercial space.

It will also be integrated with Hougang MRT Station and the new bus interchange and town plaza.

The residential component is a 40:10:50 JV between UOL Group, Kheng Leong and CapitaLand Development. The commercial component is fully owned by CapitaLand Integrated Commercial Trust.

The consortium clinched the GLS site this January for about $1.5 billion or a land rate of $1,179 psf ppr.

Marina Square revamp and The Clifford redevelopment

As for its property investments, UOL is looking to partially redevelop the Marina Square complex, which comprises Marina Square shopping mall, Pan Pacific Singapore, Parkroyal Collection Marina Bay, and Mandarin Oriental, Singapore.

In its Aug 12 bourse filing, UOL said it will likely provide updates on the timeline by the third quarter of 2026. That is when it expects to obtain the Written Permission for the Strategic Development Incentive (SDI) Scheme.

The company had submitted the revised proposal in 2H2025 to URA to transform the Marina Square complex, with the addition of three buildings — a residential tower, a serviced apartment block, and a mixed-use tower with hospitality, office, and performing arts spaces.

Meanwhile, The Clifford at Raffles Place is slated for completion in 2028.

It is a redevelopment of the former Clifford Centre into a new 35-storey commercial office tower with net lettable area spanning more than 405,000 sq ft of premium Grade A office space, retail and lifestyle amenities.

Steady hospitality performance

In the hospitality sector, UOL reported resilient operating performance for the first half of 2026.

Occupancy for owned hotels was stable at 77% in Singapore (unchanged from 1H2025), up slightly to 74% in Oceania (from 72% previously), and also edging up to 68% in other markets such as China, Vietnam, Malaysia, Myanmar, Indonesia and the UK (from 66% previously).

Revenue per available room (RevPAR) also went up on a y-o-y basis in each market: $293 in Singapore (from $291), $170 in Oceania (from $160), and $122 in other markets (from $115).

UOL expects Singapore's hospitality sector to be supported by stable visitor arrivals and a pipeline of MICE and high-profile entertainment events.

"However, the operating environment remains challenging amid global uncertainties, manpower constraints and rising costs," the company said.

Against this backdrop, it is scheduled to open the first NoMad hotel in the Asia Pacific region, along Orchard Road in Singapore, in late 2026.

The hotel has obtained its temporary occupation permit, UOL said on Aug 12.

The 19-storey luxury lifestyle hotel will comprise 173 rooms as well as curated commercial and retail offerings. It is situated at the former Faber House, which was an eight-storey commercial building sitting across the road from 313@somerset.

Liam had said earlier that NoMad Hilton Singapore is a key part of UOL’s placemaking vision for Orchard Road, alongside its luxury residential project UpperHouse at Orchard Boulevard and the Pan Pacific Orchard hotel.

Greater share of profit from JVs, higher revenue from property investments

Group revenue for the first half of the year fell 7% y-o-y to $1.44 billion on lower revenue from property development.

However, UOL clarified that this was because the group entered into more development projects through JVs — such as those for ParkTown Residence and Skye at Holland, which were launched in February and October 2025 respectively.

In fact, those joint venture development projects resulted in a significant y-o-y increase of $83.7 million in the group’s share of profit from JV companies in the half-year period.

That in turn contributed to a $53.8 million increase in pre-tax profit before fair value and other gains as compared to a year ago.

Revenue from property investments increased 4% to $316.7 million. It was driven by higher contributions from Singapore Land Tower and West Mall — both of which completed asset enhancement initiatives in 2025 — and from Varley Park in Brighton, UK, which was acquired in August 2025.

This was partly offset by the disposal of KINEX mall in Singapore last October.

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