Tuesday, March 18, 2014

OUE

OUE: A consortium consisting of OUE, Lippo Limited and Caesars Entertainment Corporation has been granted pre-approval by Korea's Ministry of Culture, Sports and Tourism to develop the first internationally branded integrated entertainment resort in South Korea. The KRW855b (S$1b) development consists hotel, retail and convention and residential properties with total gfa of 150,000 sm on a 4.3 hectares site, expected for completion before the 2018 Winter Olympics in South Korea. OUE will have a significant non-controlling interest in the landmark project, with its participation focused on the hotel component and convention centre. At $2.33, OUE trades at 0.74x P/B, pending a 2¢ FY13 DPS to go ex on 16 May 2014.

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