Singapore, Jan 27, 2026, 15:10 SGT — Regular session
- Shares of UOL climbed 7.6% to S$11.14 in afternoon trading, approaching a new 52-week peak
- This move comes after JPMorgan raised its target price to S$12.05, maintaining an “overweight” rating
- Investors are zeroing in on the Hougang Central project economics and UOL’s earnings report due February 26
Shares of UOL Group Limited surged 7.6% on Tuesday, pushing the Singapore-listed developer’s price up to S$11.14 by 2:58 p.m. local time. The stock fluctuated between S$10.56 and S$11.17 during the session, more than doubling from its 52-week low of S$5.01. 1
The rally came after JPMorgan raised its target price to S$12.05, maintaining an “overweight” rating, The Business Times reported. Analyst Terence Khi bumped the target up from S$10.15 following UOL and its partners securing a 99-year mixed-use site in Hougang Central. JPMorgan estimated new-home prices around S$2,500 to S$2,600 per square foot. Leonard Tay, head of research at Knight Frank, told the paper that actual selling prices might be higher, given the project’s amenities, facilities, and location. 2
Earlier this month, UOL revealed it had secured the Hougang Central tender at S$1,500,738,338, following the award by Singapore’s Housing & Development Board. The site, which comes with a 99-year lease, is slated for a mixed-use project featuring an MRT station, bus interchange, and town plaza, according to a company filing. UOL’s effective stake in the residential portion stands at 30%. The firm said the purchase “would enable the Group to replenish its land bank for residential development in Singapore,” with funding coming “principally from bank borrowings and proportionate shareholders’ loans.”
For property developers, the shorthand means everything. “Per square foot per plot ratio” (psf ppr) serves as a key land-cost metric, tying the bid price directly to the maximum buildable floor area. Investors lean on it to gauge if the eventual selling prices will cover construction and financing with enough margin.
Tuesday’s jump put the stock back on the radar for momentum traders, breaking a pattern of steady gains that rarely happened all at once. Volume surged with the price, signaling new money flooding in—not just activity on a thin order book.
UOL is set to release its unaudited full-year 2025 results on Feb. 26, the company said in a filing. 3
Big land bets carry risks. If financing costs remain elevated or demand for homes cools, developers may end up stuck with costly land for longer than expected, delaying returns and quickly souring sentiment.
Investors are focused on whether the stock can stay above S$11 by the close, and if other brokers will echo JPMorgan’s call. The key date to watch is Feb. 26, when earnings and management comments could clarify capital requirements — and offer clearer insight into the potential returns from the Hougang Central project.
