Tag Archives: Overseas Union Enterprise (OUE)

OUE sees 22% fall in Q3 net profit

Posted on 11 Nov 2009 | Comments Off on OUE sees 22% fall in Q3 net profit

OVERSEAS Union Enterprise (OUE) reported a 22 per cent fall in Q3 net profit to $7.8 million, from $10 million a year ago.

Revenue for the three months ended Sept 30, 2009 fell 8 per cent to $33.5 million, from $36.2 million in Q3 2008.

The decrease in group’s total revenue was largely due to lower revenue generated for the hospitality division resulting from severe global economic downturn and the ongoing refurbishment works at Meritus Mandarin Singapore, it said.

Source : Business Times – 10 Nov 2009

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OUE in preliminary talks to sell site of The Parisian

Posted on 6 Oct 2009 | Comments Off on OUE in preliminary talks to sell site of The Parisian

Its shares fall 31% to close at $10 after company updates SGX on the move

OVERSEAS Union Enterprise (OUE) is considering the sale of 21 Angullia Park – a freehold residential site formerly known as The Parisian – which it bought en bloc for $228.1 million in 2007.

Boom-time deal: OUE bought 21 Angullia Park en bloc for $228.1 million in 2007, when the property market was booming, and had plans to launch a condo on the site early last year. It has not launched the project so far

The company said yesterday it is ‘engaged in preliminary discussions in relation to the possible disposal’ of the site. It added that it is reviewing its overall financing strategy.

‘As at the date of this announcement, there has been no agreement of definitive terms and there is no certainty that such discussions and review will proceed beyond preliminary stages or result in any transaction,’ it said.

OUE was responding to a Singapore Exchange query on the counter’s movement last Friday. OUE shares surged 57 per cent or $5.27 to close at $14.50 – a high not seen in more than a year.

After the update yesterday, the shares tumbled 31 per cent or $4.50 to $10.

OUE bought 21 Angullia Park near Orchard MRT Station when the property market – especially the high-end sector – was booming. Several developers were gunning for sites via collective sales.

The price of $228.1 million worked out to $1,735 per square foot per plot ratio (psf ppr) – a record on a psf basis for a while. This took into account an estimated $10.5 million development charge. Based on an earlier report, the breakeven cost for the project could be around $2,200 psf. Continue reading →

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