OUE LTD’s stated net attributable profits rose to $16.5 million a rise of 23.1% for the third quarter of 2014. Revenue however, was reduced at $106.3 million during the third quarter 2014 on the $119.1 million during the third quarter 2013 because of lower residential property sales and lack of a contribution from the China hotels.
OUE’S Property Development division’s revenue declined from $19.2 million in the third quarter 2013 to $11.8 million in the third quarter 2014 because of lower property sales at the Westwood Residences residential property project at NTU.
Singapore Household Owners Westwood Residences
OUE’s property investment division’s revenues also fell but not by much, revenues were $39.6 for the third quarter 2013 and 38$ million in the third quarter 2014, the 2013 revenues included those from the Mandarin Gallery, which is now held by OUE’s Hospitality Trust. 2014 revenues were boosted by revenues from Lippo Plaza which OUE Commercial Real Investment Trust in Westwood Residences bought during Quarter 1 2014.
The Group’s net asset value when one looks at each share increased by 27.7% to $4.06 from $3.18 on 31 December 2013.
The Household Expenditure Survey 2012/13 shows that low income Singaporean households are spending more than they earn for Westwood Residences EC.
Homewners of Westwood Residences EC
Trade and Industry Minister Lim Hng Kiang, answering a parliamentary question from Mr. Gerald Giam, said that the poorest 10% of Singaporean households had an average expenditure of $1,844 per month. This was $801 more than the $1,043 average monthly income of those households in Westwood Residences by Heeton Homes at Westwood Avenue, with 55% of that income coming from work and the remaining 45% from investment income or regular government transfers. Numerous clients who are quite rich are actually hunting all around for top of the range real estate in distress or are actually offered with bulk discounts by developers. Real estate developers these days are more ready to accept discounts because they currently have to spend on development charges should units be left unsold after TOP.
The high reliance on income not derived from work could be because around 33% of these Westwood Residences households were the households of retired people, the minister said. The same survey showed the 80% of low income households owned their homes.