Luxury property developer Ho Bee Land said on Friday (Feb 27) its net profit fell 44 per cent in the fourth quarter from a year ago, hurt by a drop in fair value gains which offset a rise in rental income.
Ho Bee, which owns the Metropolis in one-north and is known for its Sentosa developments, earned S$285.2 million in the three months ended December, down from S$506 million in the same period a year ago.
For the full year, attributable profit was S$315 million, 47 per cent lower than 2013. Group turnover for 2014 decreased 29 per cent from S$139.3 million last year to S$99.6 million due to the absence of revenue recognition for sale of development properties.
Looking ahead, Ho Bee Chairman and CEO Chua Thian Poh said the Singapore property market is expected to face stronger headwinds in 2015.
“However, with our solid base of recurring income from our office buildings in Singapore and London, we are well positioned to weather the challenging environment ahead,” Mr Chua added.
Ho Bee has been buying commercial property in London for investment and now owns 1 St Martin’s Le Grand, Rose Court and 60 St Martin’s Lane in the United Kingdom capital.
Source : Channel NewsAsia – 27 Feb 2015