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Cbb86474-8D30-11Eb-8Dae-96F1aa3153e8.Pdf Cover: Featuring unique dining concepts amidst 16 acres of verdant greenery, Bamboo Hills is located within a larger 26-acre mixed-use Jalan Ipoh development. Its hip and modern concept is centred around having lush bamboo landscape, unique dining pavilions and vast outdoor spaces just minutes from the city centre. Contents Corporate Directory 2 From the Ofce of Managing Director 3 Executive Director’s Review of Operations 4 Directors’ Report 8 Auditor’s Independence Declaration 24 02 I UNITED OVERSEAS AUSTRALIA LTD Corporate Directory A.C.N 009 245 890 PRINCIPAL PLACE OF MANAGEMENT A.B.N 81 009 245 890 UOA Corporate Tower Lobby A, Avenue 10, The Vertical DIRECTORS Bangsar South City Mr. Alan Charles Winduss No. 8, Jalan Kerinchi (Non-Executive Chairman) 59200 Kuala Lumpur Mr. Chong Soon Kong Malaysia (Managing Director) Mr. Pak Lim Kong SHARE REGISTRY (Executive Director) Advanced Share Registry Services Ltd Mr. Chee Seng Teo 110, Stirling Highway Ms. May Chee Kong Nedlands, Perth (alternate for C.S. Kong) Western Australia 6009 COMPANY SECRETARY AUDITORS Mr. Alan Charles Winduss Grant Thornton Audit Pty Ltd Central Park ASX CODE Level 43, 152-158, St Georges Terrace UOS Perth, Western Australia 6000 REGISTERED OFFICE Suite B1 661, Newcastle Street Leederville, Western Australia 6007 Telephone +618 9217 9800 Facsimile +618 9217 9899 Email [email protected] ANNUAL REPORT 2020 I 03 From the Offce of Managing Director Dear Valued Shareholders, I am pleased to report that the Company has recorded a positive result in a very challenging marketplace for the financial year ended 31 December 2020. Emphasis has again been placed on residential developments to meet consumer demand in the mid-price residential market. Operations and growth have been curtailed by the effects of the current COVID-19 pandemic, both in our core construction and development operations as well as hotel conference and event operations under the hospitality division. I am confident that as the COVID-19 pandemic is brought under control operations will revert to normal. After minority interests and taxation, a profit of $97.3 million is attributable to shareholders of United Overseas Australia Ltd. This is an increase of 6.1% in comparison to the results for year ended 31 December 2019. The Board of Directors has resolved to declare a final dividend of 2c (unfranked) for the year ended 31 December 2020. Together with the Board of Directors and the Senior Management, I would like to express sincere appreciation to our customers, shareholders, business associates and staff for their support over the past year. The Company will continue in its endeavours to deliver value to our shareholders in year 2021. Thank you. C.S. Kong Managing Director 04 I UNITED OVERSEAS AUSTRALIA LTD Executive Director’s Review of Operations The year ended 31 December 2020 has been one of a profitable operations for the Group albeit in a very difficult market, allowing it to continue to retain a strong and positive balance sheet. REVIEW OF OPERATIONS Australia East Parade Condominiums The company currently has 15 units, some of which have been rented out. All units rented or vacant are for sale. Leederville Refurbishment of the buildings and grounds was completed in January 2020. The buildings are currently 60% occupied, and the company is encouraged with enquiries being received for the balance of space remaining. Vietnam UOA Vietnam Tower has received all permits required for Certificate of Completion from the relevant authorities in December 2020. UOA Tower, Vietnam Leasing activities are currently being vigorously pursued UOA Development Bhd albeit in a difficult market. With the COVID-19 pandemic many international companies have slowed down their A full set of Financial Statements and Reports for year ended activities and expansion into Asian countries. 31 December 2020 can be downloaded at www.uoadev. com.my. UOA Development Bhd is 71.00% owned. Malaysia UOA Real Estate Investment Trust UOA Development Bhd and its subsidiaries (the “Group”) continued to deliver positive results for financial year 2020. A full set of Financial Statements and Reports for year ended As at 31 December 2020, the Group achieved a total revenue 31 December 2020 can be downloaded at www.uoareit. of $290.6 million and profit after tax of $137.5 million. com.my. UOA Real Estate Investment Trust is 34.05% owned. The Horizon, Bangsar South ANNUAL REPORT 2020 I 05 Executive Director’s Review Of Operations (Continued) SNAPSHOT OF CURRENT COMPLETED DEVELOPMENTS In 2020, United Point Residence and the first phase of Sentul Point were completed. United Point Residence is located in Kepong and is complemented by easy access to major expressways and public transportation infrastructure. This development comprises 2,509 units of residences together with a commercial complex. The residential units have been delivered to the purchasers and the commercial complex, which forms part of the Group’s investment properties, is currently being leased. Sentul Point which is located in the district of Sentul consists of 3 blocks of residences, 2,352 units of serviced apartments and 142 units of retail shops. The first phase of Sentul Point was completed in the second half of 2020. The two projects have a combined gross development value of AUD $966.56 million. The second phase of this development is expected to be United Point Residence completed in 2021. South Link is a project located within the Bangsar South precinct and is situated adjacent to South View Serviced Apartments and Komune Living. This project comprises 1 block of 44-storey freehold lifestyle apartments with 1,422 units together with a 2-storey lifestyle retail podium. It is scheduled to be completed in year 2022. The Goodwood Residence located within Bangsar South is a project that consists of 1 block of a 40-storey residential tower with 678 units which focuses on multi-generational living. The two projects have a combined total GDV of AUD South Link Lifestyle Apartments $370.51 million. Sentul Point Suite Apartments The Goodwood Residence, Bangsar South 06 I UNITED OVERSEAS AUSTRALIA LTD Executive Director’s Review Of Operations (Continued) Bandar Tun Razak Development Located within the matured township of Sri Petaling is a residential project, Aster Green Residence. This is supported by ample amenities all located within close proximity. This project consists of a single block of 440 residential units along with some commercial areas. Bandar Tun Razak development is a project located in the township of Cheras, approximately 11 kilometers from Kuala Lumpur City Centre. This project is intended to be residences having an emphasis on wellness and medical services. The project commenced its construction in year 2020. Another notable project is the Jalan Ipoh development. The construction for the commercial area has commenced. The two developments have an anticipated combined GDV of AUD $2.03 billion. Aster Green Residence ANNUAL REPORT 2020 I 07 Executive Director’s Review Of Operations (Continued) Bangsar South FUTURE DEVELOPMENTS Given the current COVID-19 pandemic situation where the property market continues to be uncertain, there is no confirmed timeline for future project launches. The Group continues its planning for future development projects in locations such as Bangsar South and Sri Petaling. The future launches will be timed carefully in line with the country’s economic recovery. The Group maintains its focus on development at targeted geographical locations while exploring for strategic development lands that meet the objective of the Group. The Sphere, Bangsar South 08 I UNITED OVERSEAS AUSTRALIA LTD Directors’ Report The Directors present their report together with the Financial Report of United Overseas Australia Ltd (the Company) and of the Group, being the Company, its subsidiaries and the Group’s interest in any jointly controlled entities for the financial year ended 31 December 2020 together with the report of the Company’s Auditors. Name Current Occupation/Position Alan Charles Winduss Non-Executive Chairman/Independent Director Chong Soon Kong @ Chi Suim Managing Director Pak Lim Kong Executive Director Terence Teo Chee Seng Independent Director May Chee Kong Alternate Director to Chong Soon Kong @ Chi Suim Information on the areas of prime responsibility, the business and working experience of the Directors is set out below Alan Charles Winduss (Non-Executive Chairman/ Independent Director) Alan Charles Winduss, Australian, male, aged 80 is also a member of the Audit and Risk Management Committee and the Nomination and Remuneration Committee. He is a Director of Winduss & Associates Pty Ltd Chartered Accountants. He has been involved in professional Public Practice for over 33 years, specialising in matters relating to corporate management, restructuring, corporate finance and company secretarial matters including the Australian Securities Exchange (“ASX”) and the Australian Securities Exchange and Investments Commission compliance. The accounting practice of Winduss & Associates Pty Ltd lists among its field of expertise matters relating to property development, management, and ownership. Mr. Winduss sits on the Board of two companies listed on the ASX and serves on the board of Australian incorporated private limited companies. He is the independent, Non-Executive Chairman of UOA Asset Management Sdn Bhd which is the Manager for the UOA Real Estate Investment Trust and UOA Development Bhd. Mr. Winduss graduated from Perth Technical College (now known as Curtin University) with a Diploma in Accounting in 1963. He is a member of various professional bodies including the Institute of Chartered Accountants in Australia and the Certified Public Accountants Australia. In addition, he is an Associate Fellow of the Australian Institute of Management, a Fellow of the Taxation Institute of Australia, a Fellow of the Australian Institute of Company Directors, and a registered Australian Company Auditor. He does not have any family relationship with any Director and/or major shareholder, nor any conflict of interest with the Company.
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