Singapore, Jan 28, 2026, 15:08 SGT — Regular session
UOL Group Limited (SGX:U14) saw its shares drop 2.8% to S$10.87 by 2:58 p.m. on Wednesday, following a volatile session the previous day. The stock moved within a range of S$10.56 to S$10.99, with roughly 3.0 million shares traded. 1
The dip comes after an 8% surge on Tuesday, when UOL closed at S$11.18 — its highest level since 2006. That rally followed JPMorgan’s upgrade, keeping an “overweight” rating and boosting its target price to S$12.05 from S$10.15, according to The Business Times. 2
In a note reported by The Edge Singapore, Khi highlighted UOL’s residential landbank and the possibility of a value-unlocking plan, with the Marina Centre redevelopment seen as a longer-term catalyst. He described Marina Square as a “long-awaited catalyst to unlock value,” estimating a gross development value of S$4.4 billion and a roughly S$1.1 billion boost to RNAV — the revalued net asset value widely used to assess property developers. 3
UOL announced earlier this month that a consortium—including its indirect joint venture and a sub-trust of CapitaLand Integrated Commercial Trust—won the tender for a mixed-use site at Hougang Central, priced at S$1.5007 billion. The 99-year leasehold plot will combine residential and commercial spaces, linked to an MRT station, bus interchange, and town plaza. UOL holds an effective 30% stake in the residential project, with CapitaLand Development owning 50%, and smaller shares held by Singapore Land and Kheng Leong. 4
Tuesday’s rally was fueled in part by a wider move into Singapore stocks. The Straits Times Index climbed 1.3% to 4,923.02. Phillip Securities analyst Chong Yik Ban attributed the upbeat mood to hopes that U.S. Big Tech earnings would impress. “If Big Tech beats expectations, global liquidity will often flow into the Singapore market,” he noted. 5
Wednesday’s move felt less like a rethink and more like a reset. Following the spike and heavy trading, traders pocketed some profits and held back, waiting on more concrete data.
There’s not much margin for error. Developers can see profits swing sharply based on selling prices, construction expenses, and when projects hit the market—even if they’re working with new land.
Policy risk is also in play. Moves to tighten, targeting housing demand, or rising funding costs, could challenge the bullish view that lower rates and asset recycling will sustain high valuations.
UOL will reveal its unaudited full-year 2025 results on Thursday, Feb. 26, according to a filing with the Singapore Exchange. 6
Investors are keenly awaiting that update for clues on project launches and a firmer timeline for redevelopment plans at Marina Square — a key test to see if this week’s rerating holds up.
