Page 35 - ar2013

ANNUAL REPORT 2013 33
Property
The occupancy rates achieved during
the year have been rather stable.
Rental revenue contributed by the
Property division increased slightly
by 0.7% to $17.2mwhilst proftability
increased by 3.6% to $13.4 million
due to lower operating expenses. The
division recorded a lower fair value
gain of investment properties of $10.7
million (2012: $23.5 million).
Investments
Investment income increased 17.3%
from 2012 due to special dividends
received from United Overseas Bank
Limited shares.
The fair value of theGroup’s investment
portfolio increased from $1,815.8
million as of 31 December 2012 to
$1,934.7 million as of 31 December
2013 mainly due to the increase in
share prices of core equity investments.
An unrealized gain of $113.9 million
arising from changes in the fair value
of investments has been recorded in
the fair value reserve account in 2013.
INVESTMENTS (COST VS FAIR VALUE)
($ MILLION)
2,500
2,000
1,500
1,000
500
0
2012 2013
Cost Fair Value
PROPERTY (BUILDING OCCUPANCY RATES)
(%)
100
80
60
40
20
0
Singapore Properties Others
2012 2013
97.5 97.5
74.7 74.5
513.3
1,934.7
513.5
1,815.8
HawPar_AR2013_FA 260314.indd 33 3/26/14