REST APIs testing SoapUI vs UFT Service test

Looking on the net and it is learnt that UFT is new name of formerly known tool from HP called QTP. 

Haven't gone thru the list of features of UFT.

First things first, you are the better judge as each one's requirements are different. And if you wanted to know about SoapUI, you may go thru the soapui.org site for the details. In short, it allows user to test the Applications based on API along with some scripting to provide power to the customers where they could not find the required step. Here I have to say that SoapUI Open Source edition supports lot of steps that are the most common to customers needs say, soap request, restful, http request, jdbc request, amf request and so on along with groovy scripting.

And there are advanced tools like ReadyAPI! (paid software) from SmartBear where customers get lot more steps used most common in the field of testing to ease of use, out-of-the-box. Having said that, there are lot of users who are just fine with Open Source edition as well and SmartBear has recently released 5.1.2 with lot of improvements focusing on the RESTful services.

Can't comment on the comparison with out much details into the context, use cases, user expertise in the tool as well. If I understand right, UFT is not a free one where as SoapUI Open Source is free.

Since SoapUI Open Source Edition is free, you get started and progress to run the tests. That will help you to make judgement. I know it is supports well for the RESTful services.