Singaporean property group Ho Bee Land has been receiving the advantage of its gear shift for decade, play up the office space renting and shy away from selling residential projects.
The first quarter revenues of the group jump by 20% to $37.2 million, while net profits climbing 59.8% to $18.5 million. The majority of increases attribute on the back of strong recurring rental revenue from commercial properties developed in London in year 2015.
Three of Ho Bee Land’s high-end residential development in Sentosa Cove are now off the Singapore market, including Seascape @ Sentosa Cove.
However there are new residential development to check out at Sentosa Cove area such as The Residences @ W Sentosa Cove by Cityview Place Holdings Pte Ltd.
Ho Bee Land considering the recurring-income strategy bearing fruit, seeing the sustainable income stream, Ho Bee’s Associate Director, Chong Hock Chang stated.
Despite the sluggish property market of Singaporean, CEO and Ho Bee founder, Chua Thian Poh has been developing his Ho Bee company off residential projects, presume on the outlook that Singapore market will improve in 2 to 3 years. Currently, the group’s portfolio consist of two-thirds commercial development, with lease income mainly buttressing the group’s revenues from 2014 to 2015.
Chua was one of the first developers in Singapore expanding out of the country, starting with the investment in London from which the Asian Financial Crisis inadvertently insulated him the following year.