OUE Limited

OUE's 1Q earnings remain at $1 mil mark upon adoption of new reporting standards

SINGAPORE (May 13): OUE Limited has reported a profit attributable to shareholders of $1 million for 1Q19, unchanged from a year ago despite growth in earnings before interest and tax (EBIT).

This was largely due to non-cash finance costs on lease liabilities recognised on the adoption of SFRS(I) 16 on leases, says the group in its filing on Friday.

United Industrial Corp raises stake in Marina Centre to 77.34% with $675.3 million deal

SINGAPORE (April 13): United Industrial Corporation (UIC), a subsidiary of UOL Group, is acquiring a further 24.27% stake in its 53.07%-owned indirect subsidiary Marina Centre Private Holdings (MCH) for $485.3 million to be paid in cash.

10%, 10.27% and 4% of the sale shares will be purchased from vendors OUE Limited, Finnegan Investments Limited, and Mackmoor Pte Ltd for $200 million, $205.3 million and $80 million, respectively.

Healthway Medical signs rental leases worth $2 mil with OUE subsidiary

SINGAPORE (Dec 4): Healthway Medical Group (HMG) has signed $2 million worth of leases with Alkas Realty to lease two units located at 61A Shenton Way for a period of five years.

Through the leased units at the second and third floors of the building, respectively, the group intends to expand its health screening centre, general practice (GP) and dental care business, considering the premises’ good catchment area of potential patients around the central business district (CBD).  

Contagion fears from Lippo probe spread to Singaporean bonds

(Nov 26): An investigation into troubled Indonesian property developer PT Lippo Karawaci, controlled by Southeast Asia’s billionaire Riady family, is reverberating in the Singapore bond market.

Singapore dollar-denominated notes issued by First Real Estate Investment Trust, and those sold by OUE Ltd, controlled by the family, have dropped as a liquidity crunch prompts concern the group is using other entities to help shore up finances. Bonds of Lippo Malls Indonesia Retail Trust, also sponsored by Lippo Karawaci, have come under pressure as well.

5 named winners of EY Entrepreneur of the Year 2018

SINGAPORE (Sept 10): Professional services organisation EY today announced the five recipients of its 17th EY Entrepreneur of the Year (EOY) 2018 Singapore awards. They are:

EY Entrepreneur of the Year – Engineering and Construction
Von Lee Yong Miang, Chairman, Expand Construction

Sector tailwinds position OUE favourably for 2018

SINGAPORE (Feb 27): OCBC is reiterating its “buy” recommendation on OUE with a $2.28 fair value estimate following the group’s results announcement last Friday.

To recap, the group saw FY17 earnings decline by 31.5% to $98.9 million from $144.4 million in FY16, due to absence of one-off gains and provision for legal and related expenses.

See: OUE reports 31.5% fall in FY17 earnings to $99 mil on provisions and absence of one-off gains

Healthway Medical to lease OUE Downtown 2 units from OUE subsidiary

SINGAPORE (Dec 1): Healthway Medical Corporation (HMC) has signed a master lease agreement with Alkas Realty, a wholly-owned subsidiary of OUE Limited, to lease units #10-09 and #10-09A of OUE Downtown 2 at Shenton Way for office use.

Under the master lease agreement, the term comprises a total period of 36 months from Aug 1 to 31 July, 2020. This includes a rent-free period of four months between Aug 1 and Nov 30.

OUE 2Q earnings sink 73% to $7 mil on lower reversal of impairment losses

SINGAPORE (Aug 3): Property group OUE has announced earnings of $7.1 million for the 2Q17 ended June, down 72.6% from $25.7 million in 2Q16 mainly due to a lower reversal of impairment losses on OUE Twin Peaks

Revenue for 2Q17 grew 39.5% to $187.3 million compared to $134.3 million a year ago.

This was due largely to a more than doubling of development property income to $55.2 million in 2Q17 from $18.7 million in 2Q16, attributed to a higher number of OUE Twin Peaks units sold where the sales was completed in current quarter.

OUE appoints Oakwood to manage OUE Downtown serviced residences

SINGAPORE (Oct 7): Real-estate owner, developer and operator Overseas Union Enterprise (OUE) Limited has signed a management agreement which will see Oakwood Asia Pacific, a division of Oakwood Worldwide, running the new serviced residents at the upcoming OUE Downtown.

Dubbed Oakwood Premier OUE Singapore, residents will feature facilities and services including private dining, a fitness centre and daily housekeeping – all of which are managed by Oakwood.

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