HIAP HOE, through its subsidiary Meteorite Property, has entered into an agreement to sell a property in Melbourne for A$60 million (S$61.8 million) before taxes to an Australian developer. This would also mean that plans for a joint venture between the two parties will have to be annulled, as the new company was to manage the development of the said property. Hiap Hoe said on Wednesday evening that...
Hiap Hoe
Niche property developer Hiap Hoe said its full-year net profit more than quadrupled by 319.5 per cent to a record S$34.3 million. The better showing was driven by revenue recognition for several of its development projects. For the full year, revenue surged 272 per cent to S$110.5 million. In the fourth quarter, Hiap Hoe's profit soared to S$9 million, compared with just S$300,000 the year before. Its...
Niche property developer Hiap Hoe Limited has reported that its net earnings for the third quarter ended 30 September 2009 (3Q09) surged more than 13 times to $8.5 million or 2.24 cents per share, from $0.7 million or 0.20 cents per share reported in the corresponding period a year ago (3Q08). The rise in net profit was achieved on revenue of $36.7 million, which represents a growth of 663.0%, and has...
Niche property developer Hiap Hoe said its net profit more than tripled in the second quarter from a year ago to S$9.9 million, while its turnover quadrupled to S$31.9 million. The firm said the healthy numbers were driven by the progressive revenue recognition of its new residential developments, Cuscaden Royale and Oxford Suites. By the end of June, 55 per cent of revenue for Cuscaden Royale and 62 per...
Property developer Hiap Hoe has put in the top bid of S$73.3 million for a hotel site at Balestier Road and Ah Hood Road. The price works out to S$172 per square foot per plot ratio for the 99-year leasehold site. Consultants CB Richard Ellis said the bid is relatively low compared to other hotel sites. The site has a maximum gross floor area of 425,942 square feet, which can potentially yield some 675...
The spate of collective sales continues as Lewis Court, a 12-unit walk-up apartment block, was sold to Hiap Hoe subsidiary Guan Hoe Development for $24 million through a collective sale tender. Property consultant and collective sale specialist Credo Real Estate put the property up for sale last month following a 100-per-cent consensus from the owners. “The purchase of Lewis Court is in line with our...