UOL securitisation could bring up to $7.8b in gross proceeds, DBS says

DBS also estimated UOL to lock in $0.10 to $2.30 per share of un-booked gains.

The potential securitisation of UOL Group’s hotel or commercial portfolio could raise $4.6b to $7.8b in gross proceeds, DBS Group Research said, underscoring Marina Square's redevelopment as a catalyst in UOL's value-unlocking strategy.

The research house estimated such a move could crystallise $0.10 to $2.30 per share of un-booked gains, or $2.3b to $3.9b in proceeds assuming a 50% retained stake, providing capital to fund growth whilst preserving balance sheet strength.

DBS said the proceeds could be redeployed to support the Marina Square redevelopment, which is currently carried on UOL Group and Singapore Land Group’s books at $1.05b, or about $490 per square foot on a gross floor area basis.

The analyst estimated the redevelopment could deliver a 3.5x to 4.8x uplift in asset value, based on scenarios assuming a 10% to 30% increase in gross floor area and total development costs of $2.6b to $3.4b.

DBS said both groups are well positioned to debt-fund the project, with net debt-to-equity ratios of 0.25x for UOL and 0.06x for Singapore Land, although leverage could rise to about 0.5x over time, above its preferred long-term range of 0.3x to 0.4x.

Following its assessment, DBS raised UOL’s revised net asset value to $17.50 per share and lifted its target price to $13.00, pegged to a 25% discount to RNAV, whilst maintaining a BUY rating.

DBS expects the Marina Square redevelopment scheme to be unveiled in the first half of 2026, subject to regulatory approvals.

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