Singapore-listed property developer OUE Limited has registered a 91.8 percent net profit decline to $77.2 million in the first quarter ended 31 March 2015 from the same period last year.
The absence of one-off gains from the deconsolidation of OUE Hospitality Trust contributed to the fall in profit.
OUE’s revenue of $108 million remained stable compared to a year ago (Q1 2014) as the group saw higher contributions from Lippo Plaza, U.S. Bank Tower and OUE Twin Peaks.
Twin Peaks, the group’s only residential project, obtained its TOP in February this year and contributed $13.4 million in Q1 2015.
Meanwhile, net asset value per share reached $4.35, up from $4.23 as at 31 December 2014.
In a statement, OUE said: “Despite cautious sentiments prevailing in the high-end residential market, the Group will continue to drive sales of units at OUE Twin Peaks.”
Image: Artist’s impression of the Twin Peaks condo.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
