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Hotel disposal adds almost $1b to OUE gain
Group makes $105m provision for Twin Peaks project based on latest valuation
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Mindy Tan
Published Fri, May 9, 2014 · 10:00 PM
Singapore
INTEGRATED property developer OUE Limited's net profit for the fiscal first quarter ballooned to $945.6 million from $1.8 million a year ago.
This was due to the recognition of net fair value gain on the Lippo Plaza property which amounted to $114.8 million and a gain of $986.4 million from the disposal of Mandarin Orchard Singapore and Mandarin Gallery to OUE Hospitality Trust. This was offset by an allowance for forseeable loss of $105 million provided on Twin Peaks based on the latest valuation obtained.
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