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Thank you very much for joining. I would like to begin my presentation by first sharing the consolidated financial results summary. Please turn to Page 4 of the presentation material. In the second quarter, we recorded operating revenue of JPY 381.3 billion, business profit of JPY 68.9 billion and JPY 42.5 billion as profit attributable to owners of parent. Operating revenue and profit lines reached record highs as second quarter performance. We are making steady progress towards achieving the full year earnings guidance announced at the outset of the fiscal year.
Next is the performance by business units. Please turn to Page 5. Looking closely by business units. The Residential Development business, overseas business and respective subsegment under service and management business unit all achieved year-on-year sales and profit growth, while operating revenue and business profit for the Commercial Real Estate business went down due to the differences in the timing of property sales.
I will offer more details for each business units later. Please turn to Page 6 for the full year earnings forecast. On the back of steady performance after the second quarter, which we expect will continue, there is no change to the original full year guidance. Next, let me dive into the performance highlights by business units, starting with the Residential Development business unit on Page 15. In the Residential Development business unit, operating revenue was up significantly due to an increase in the number of housing units sold and average price of housing sales business. Property sales were down due to the large volume of property sales booked in Q2 of last fiscal year, but are expected to be on par for the full year. In the management subsegment, operating revenue grew on the back of the contribution stemming from the hotel business as a whole with [ UDS], newly consolidated from this fiscal year. As a result, the Residential Development business recorded JPY 25.9 billion in business profit, achieving growth in both the top line and profit.
Page 16, please. As shown by the graph on the left, the gross profit margin for housing sales for the first 6 months of the year was high at 26.7%. We expect the gross margin of 26% range for the full year. As illustrated by the table on the right, we revised the number of housing sales units for the full year from 4,000 to 3,800, but there are no changes to our full year sales amount or business profit forecast. Please turn to Page 17. Regarding the status of contract, as the left graph indicates, we made progress signing contracts for 1,557 units during the first 6 months of the year. Despite concerns about rising mortgage interest rates, sales have remained strong overall.
The contract progress vis-a-vis the full year plan has exceeded 91%, and we are generally on track to achieve our targets. Next, Page 18 illustrates the status of land acquisition and land bank. In Q2, we made steady progress in a difficult environment for land acquisition, securing land bank for approximately 1,000 units worth JPY 110 billion in sales. We've largely completed the acquisition of land for units scheduled to be recorded by the fiscal year ending in March '27.
As shown by the pie chart on the right, we have a land bank of approximately JPY 2 trillion for the medium to long term. So we are well positioned with business volume secured for approximately 4 to 5 years. On the other hand, due to the recent surge in construction costs and labor shortages, there is a possibility that plans and schedules may be revisited for large-scale and long-term projects. We will continue to carefully monitor the situation.
Please turn to Page 19. In the business of developing mainly rental housing and achieving gains on property sales, the number of properties sold in Q2 was down year-on-year but we expect to achieve the same level of gross profit on sales as in the previous fiscal year for the full year. We have about JPY 52 billion worth of completed properties and including those in the plan, the total value of the land bank will be roughly JPY 107 billion. While the supply of new housing is limited across the market, demand for rental housing is gradually increasing, and we intend to continue to actively develop this business.
Next, I will move on to the Commercial Real Estate business on Page 22. For Commercial Real Estate business unit, both operating revenue and profit decreased since property sales decreased year-on-year. Leasing revenue slightly decreased due to sale of property. Management revenue increased because [ fitness ] with shared office businesses are performing better. Let us look at the details. Please turn to Page 23. As of the second quarter, property sales amount is JPY 60.2 billion, and the gross profit is JPY 21.6 billion, which are less than last year, but it is because of the timing of sales.
On a full year basis, gross profit on sales is expected to be on the highs of the JPY 30 billion, as was the case for last year. We are making good progress against the plan. As of the second quarter, we acquired 5 properties for JPY 53 billion. Despite the severe property acquisition environment, we have been successfully accumulating properties. With these properties combined, the current land bank, including those properties under development stands at JPY 934 billion.
Please turn to Page 24. All area average vacancy of leasing assets held as fixed asset was 4.8%. It is a slight increase compared to the first quarter but it is because of discrete properties and the situation is not bad. At many companies, workers seem to me coming back to offices and the overall market atmosphere is getting better. Let us move on to overseas business unit on Page 29. In overseas business unit, housing sales in Vietnam, more specifically, the delivery of Ecopark progressed successfully increasing both operating revenue and business profit.
In the third quarter, we expect some cost to incur for promoting projects and making new investments, and the original guidance of JPY 2 billion for full year business profit remains unchanged. Please turn to Page 30. This is overseas business. In this fiscal year, we have decided to participate in the new project in the U.S. and increased the outstanding balance of investment by about JPY 20 billion. As a result, we have secured projects worth about JPY 660 billion of total project cost. Next is Investment Management business unit on Page 32.
Investment Management business units saw increased both in operating revenue and profit. As shown in the bottom of the page, domestic AUM is increasing steadily, mainly through private REIT and private funds. Meanwhile, overseas AUM is decreasing. This is because we are currently selling properties to deal with cancellations associated with the fund of Lothbury, U.K. investment management company.
Next is Property Brokerage & CRE business unit. Please turn to Page 33. Both operating revenue and profit increased for Property Brokerage & CRE. On the backdrop of robust market conditions, retail property brokerage as well as wholesale brokerage transaction with businesses and investors increased. Next is Property & Facility Management business unit. Please turn to Page 35. While the construction orders decreased, both operating revenue and profit increased, supported by a steady increase in the number of housing as well as buildings under management. Lastly, I touch upon shareholder return. Please go back to Page 11. As announced at the beginning of the year, full year dividend is to be JPY 165 per share, which will be an increase for 13 consecutive years.
Dividend payout ratio is expected to be 40.7%. Furthermore, with probability to achieve full year guidance getting higher and given the recent share prices, we decided to acquire treasury shares up to JPY 5 billion. With that, total return ratio is expected to be 47.8%. In addition, we have decided to split current 1 share into 5 shares effective April 1, 2025. The objective is to expand our investor base, including individual investors, and improve stock liquidity and make it easier to invest by lowering the amount per investment unit. The management will continue to work to satisfy our shareholders. And with that, I would like to conclude my presentation. Thank you.
[Statements in English on this transcript were spoken by an interpreter present on the live call.]