mr funny
08-05-07, 09:44
May 8, 2007
SELL-OUT SENTOSA HOMES
Ho Bee earns record $69m in first quarter
A BET on exclusive seafront living on Sentosa is paying off handsomely for property developer Ho Bee Group.
The company yesterday posted a record quarterly profit of $69.1 million, more than five times the $13.2 million earned last year.
Sell-out projects at Sentosa Cove, particularly the latest condominium, The Coast, triggered a jump in revenues of almost the same magnitude. Sales for the three months ended March 31 hit a high of $245.8 million, 4.7 times the $52.8 million recorded a year ago.
'Many of our properties have been extremely well received by the market and almost all our developments are fully sold,' said chairman and chief executive Chua Thian Poh.
Ho Bee set the stage for its current windfall just over three years ago when it won the first tender of residential land parcels in Sentosa Cove.
Since then, it has gone on to buy and develop more plots, becoming the biggest player in the prestigious enclave. The company has so far launched five projects in Sentosa Cove, three of which are fully sold.
Looking ahead, Mr Chua said Ho Bee's financial performance will significantly surpass that of last year as the property market outlook remains bright.
Earnings per share jumped to 9.37 cents from 2.13 cents. Net asset value per share was 81.3 cents, up from 67.9 cents.
BRYAN LEE
SELL-OUT SENTOSA HOMES
Ho Bee earns record $69m in first quarter
A BET on exclusive seafront living on Sentosa is paying off handsomely for property developer Ho Bee Group.
The company yesterday posted a record quarterly profit of $69.1 million, more than five times the $13.2 million earned last year.
Sell-out projects at Sentosa Cove, particularly the latest condominium, The Coast, triggered a jump in revenues of almost the same magnitude. Sales for the three months ended March 31 hit a high of $245.8 million, 4.7 times the $52.8 million recorded a year ago.
'Many of our properties have been extremely well received by the market and almost all our developments are fully sold,' said chairman and chief executive Chua Thian Poh.
Ho Bee set the stage for its current windfall just over three years ago when it won the first tender of residential land parcels in Sentosa Cove.
Since then, it has gone on to buy and develop more plots, becoming the biggest player in the prestigious enclave. The company has so far launched five projects in Sentosa Cove, three of which are fully sold.
Looking ahead, Mr Chua said Ho Bee's financial performance will significantly surpass that of last year as the property market outlook remains bright.
Earnings per share jumped to 9.37 cents from 2.13 cents. Net asset value per share was 81.3 cents, up from 67.9 cents.
BRYAN LEE