Without further ado, let me start my presentation. First, I'll explain the consolidated financial results. Please look at page three of the financial results presentation materials. In the third quarter, operating revenue was JPY 571.8 billion, business profit was JPY 101.3 billion, and the profit attributable to owners of parent was JPY 62.4 billion.
Operating revenue and profits reached record highs for the third quarter. By business unit, all six of them increased their operating revenue and profits year-on-year. Details of each business unit will be explained later. In light of good business performance during the first nine months of the year, we revised up our full year earnings forecast and dividend forecast. I will give more details later. Now, let us look at more details of each business unit. Please move on to page 15.
Residential Development Business Unit saw increase both in operational revenue and profits due to rises in the number of housing units sold, the average price, and the gross profit ratio. Sales of rental housing property in Residential Development Business Unit decreased compared to the large number of sales during the first nine months of the previous fiscal year.
Operating revenue of management business increased with UDS joining our group this fiscal year, as well as will with well-performing hotel business. Other business increased its operating revenue as the number of sales of renovation projects increased. With gross profit ratio of housing sales improved, Residential Development Business Unit has revised its full-year business profit forecast upward. Next, please look at page 16.
As shown in the graph on the left, the gross profit ratio of housing sales through the end of the third quarter was very high at 27%, and we expect the ratio to be in the order of 26% for the full year. Please look at page 17. The number of housing contracted for the three quarters was 2,486 units. Although it has decreased by 68 units compared to the same period of the previous year, the progress is as planned.
Although the mortgage rates are on the rise, customer needs are still strong, and sales remain robust. Contract progress rate is 97.5% against the full-year operating revenue forecast of JPY 290 billion, which is to be achieved for certain. Please look at page 18. During the first nine months, we acquired land for about 1,400 units, equivalent to the operating revenue of about JPY 150 billion.
Safe to say that we have secured land for projects. As the pie chart on the right-hand side shows, we have managed to loan with land bank worth about JPY 2 trillion, covering business volume for about 4 - 5 years. Please look at page 19. We develop rental housing and sell it for profit. In this business, the number of sales decreased year-on-year.
As I will explain later, we have revised the plan for property sale, which will decrease gross profit to the level lower than the initial forecast, underperforming the last fiscal year. We have land bank worth JPY 51.9 billion for completed property or about JPY 110 billion with property under development included. Please look at page 22. In the Commercial Real Estate business unit, both operating revenue and business profit increased due to increases in property sales.
Operating revenue of management business increased due to the strong performance of fitness and share office business. The full year forecast for operating revenue and business profit has been revised downward due to a partial change in the plan for property sales.
Please flip to page 23. In terms of the property sales amount was JPY 97.7 billion and gross profit was JPY 31 billion as of the third quarter. As with the Residential Development Business Unit, we have changed the plan for property sales, so the gross profit from sales of property is expected to decline compared with the initial plan.
In terms of land acquisition, we acquired six properties amounting to JPY 50 billion up to the first nine months of this fiscal year. Although the environment to acquire land is tough, we have been able to steadily accumulate land for office and logistics facilities. Including these, the land bank for property sales, including those under development, is approximately JPY 900 billion. Please turn to page 24. The average vacancy rate of the properties that we hold as non-current assets is shown here. In all areas, the average was 4.7%.
There is, in each of the properties, the vacancy rate has improved. This is the reason why we have been able to get to this level. Next, I would like to go to the Overseas Business Unit. Please turn to page 29. As we have booked sales of housing sales projects in Vietnam, we have achieved an increase in both operating revenue and profit.
Due to the fact that we have been able to book additional sales in the Vietnam housing sales business, which was not anticipated at the beginning of the year, we have made an upward revision of the business profit. Please turn to page 30. In overseas investment, approximately JPY 710 billion of total business investment has already been decided, out of which JPY 250 billion is on the balance sheet.
In the third quarter, we have decided to invest an additional amount of around JPY 50 billion in the Vietnam housing sales business and JPY 10 billion additional investment in the U.S. leasing business. In China, we have recovered our investment in the housing sales projects. With this, we have basically recovered all of our investments in China. Next, please turn to page 31.
On the left top, this is the Vinhomes Royal Island. This is a housing sales project in Vietnam that we participated in from June last year. This is in Hai Phong. On the top right, this is Jefferson Mornings tar. This is an apartment development for lease in Dallas. Each of these, we have decided to newly participate. In the United States, we have two others, Portland and Atlanta, that we have activated, b ut with this Dallas project, it means that we are now engaged in three projects.
Next is the Investment Management Business unit. Please go to page 32. The Investment Management Business Unit saw an increase in both operating revenue and profit. As shown on the lower part of the graph, AUM in Japan is increasing steadily, mainly through private REITs and private funds.
On the other hand, AUM of overseas is declining. As I have been explaining, Lothbury, an asset management company in the U.K., they are selling their properties in response to cancellations from investors. Next is about the Property Brokerage and CRE Business Unit. Please turn to page 33. Operating revenue and profit have grown.
Against the backdrop of strong market conditions, all of our business areas, namely retail, which targets real estate brokerage for individuals, middle, which targets owners of small and middle-sized company owners and wealthy individuals, and wholesale, where customers are corporations and investors, the number of brokerage deals for transactions and the transaction's value has increased.
As the performance of this recent unit was favorable, we made an upward revision both for operating revenue and business profit. Next is the Property & F acility Management Business Unit. Please turn to page 35. In this business unit, the number of houses and buildings under management has steadily increased, leading to an increase in property and facility revenue. Revenue coming from concerned construction has increased, leading to an increase in both operating revenue and operating profit.
On the back of strong performance, we have made an upward revision for this business unit's forecast for both operating revenue and business profit. Lastly, let me explain about the revision of the full-year target and shareholder return. Please go back to page six. As I have been explaining, under each business unit in Japan, on top of housing sales and property sales, Property Brokerage and Property & Facility Management has shown good results.
In the Overseas Business, revenue coming from Vietnam's new projects, which we did not anticipate at the beginning of the year, will continue to be booked. Based on the situation in the residential development overseas, Property Brokerage and CRE, and Property & F acility Management business, we conducted an upward revision for the full-year business profit outlook.
On the other hand, with the group total performance being strong, we changed our plan on property sales in the residential development and Commercial Real Estate business unit. Accordingly, we made our revision of the full-year outlook for business profit for the Commercial Real Estate business.
As a result, overall operating revenue will be JPY 760 billion, down JPY 30 billion from our initial forecast. Business profit will reach JPY 120 billion. This is a JPY 2 billion increase from our initial forecast. Ordinary profit will be JPY 102 billion, which is a JPY 2 billion increase from our initial forecast. Net profit will be JPY 72 billion.
This is a JPY 2 billion increase from our initial forecast. Operating revenue and each profit lines are expected to reach record highs for our company. Next, I would like to talk about shareholder return. Please turn to page 11.
Due to the upward revision of our financial forecast, dividend payment at the end of the fiscal year will be increased by JPY 5 per share. We are planning to pay out JPY 170 in dividends for the full year. This means that we are going to increase our dividends for 13 years in a row. Payout ratio is going to be 40.7%. Total return ratio, 47.7%. The whole group will aspire to grow so that shareholders will be satisfied. That is all from me. Thank you for your attention.