Ho Bee Land (formerly: Ho Bee Investment)

I think the one with outlets at airport... Can't remember the name...

(18-12-2013, 05:36 PM)Contrarian Wrote: I think the one with outlets at airport... Can't remember the name...

Then likely to be Cocoa Trees...which the founders buy out remaining stake from ABR. Was thinking where they got the money ($100m)....now we know...

NAV increased from $2.58 to $3.48 largely due to revaluation gain of approximately $600 million for Metropolis. Special div of 3cents on top of the usual 5 cents declared. Future rentals from both towers of Metropolis and Rose Court in London should comfortably hit profit after income tax of around 70 million, thus assuring a basal EPS of $0.10 purely on rental income yoy. That is pretty good IMO.

London Prime A ofc for £171m for 276,000Sqft translate to £621 or SGD$1,305 psf.
avg city London rental rate of £4.6-£5 psf pm, Recurrent rental income approxmiately at £15.2m
Projected cap rate at 8.9% seem lucrative.

Gone back to its prelisting days of making $ in UK...

Ho Bee buys second London property

It pays $360million for central Grade A office building

Published on Mar 08, 2014


Ho Bee Land says it has bought 1 St Martin's Le Grand (above) as a long-term investment for recurring income. The developer purchased freehold London office building Rose Court in May last year. -- PHOTO: HO BEE LAND

Ho Bee Land says it has bought 1 St Martin's Le Grand (above) as a long-term investment for recurring income. The developer purchased freehold London office building Rose Court in May last year. -- PHOTO: HO BEE LAND

Ho Bee Land says it has bought 1 St Martin's Le Grand (above) as a long-term investment for recurring income. The developer purchased freehold London office building Rose Court in May last year. -- PHOTO: HO BEE LAND
Ho Bee Land says it has bought 1 St Martin's Le Grand as a long-term investment for recurring income. The developer purchased freehold London office building Rose Court (above) in May last year. -- PHOTO: HO BEE LAND


By Rachel Scully

PROPERTY developer Ho Bee Land has agreed to buy a freehold property in the heart of London for £171 million (S$361million).

The property, 1 St Martin's Le Grand, is not far from St Paul's Cathedral and about 200m north of the London Stock Exchange.

The company said yesterday that the building has 276,792 sq ft of Grade A office space over 11 levels, including a basement. The purchase price works out to about £618 per sq ft.

It is currently leased to five tenants: Mitsui & Co Europe, Pyramis Global Advisors, Julius Baer International, SS&C Technologies and Nomura International. The average lease is eight years before break options and 12 years before expiry.

Ho Bee said it is buying the building as a long-term investment for recurring income.

Total annual rental is more than £9.9 million, reflecting a net yield of 5.5 per cent, the company said. This is Ho Bee's second major acquisition in the City of London, after it bought Rose Court in May last year for £67.2 million. Rose Court is an 11-storey freehold office building near the River Thames.

The deal signals Ho Bee's "confidence in the London office market, which is strengthening rapidly in tandem with the improving UK economy", said the company's chairman and chief executive officer Chua Thian Poh.

"The acquisition is part and parcel of the group's continuing diversification overseas, in times when the local market is facing very strong headwinds with limited investment opportunities."

The purchase will be financed by internal funds and bank borrowings and is not expected to have a material impact on Ho Bee's financials for the current financial year.

Ho Bee is best known for its Sentosa Cove developments that have bumped up its bottom line in the last few years.

Ho Bee shares slipped three cents or 1.4 per cent to $2.12 yesterday.

rjscully@sph.com.sg

Brookfield locked in to build new tower at Surfers Paradise
GINA RUSHTON THE AUSTRALIAN APRIL 17, 2014 12:00AM

Brookfield locked in
Brookfield Multiplex is to deliver a $120 million residential high-rise in Surfers Paradise Source: Supplied
CONSTRUCTION company Brookfield Multiplex has won the contract to build Singaporean developer Ho Bee Land’s $120 million apartment tower at Surfers Paradise.

The 41-storey building is the first high-rise to be constructed in Surfers Paradise in two years. The site, on the corner of Main Beach Parade and Surfers Paradise Boulevard, was previously home to a Red Rooster franchise.

Brookfield Multiplex’s regional managing director of Queensland, Rod McDonald, said the project would deliver economic benefits, including 500 jobs during the construction, and meet the area’s increasing demand for residential property.

“Queensland’s residential market is gaining pace and it is fantastic to be back on the Gold Coast, which will see cranes returned to the Surfers Paradise skyline for the first time in two years,” he said.

The currently unnamed building will include 223 units, a rooftop garden, a gym and shops.

It isn’t Brookfield’s first venture into the Gold Coast; it was responsible for the Hilton Surfers Paradise, the Gold Coast Convention and Exhibition Centre and Pivotal Point Tower at Southport.

Early works for the Surfers Paradise tower started late last year, with construction to be completed late next year.

http://infopub.sgx.com/FileOpen/HBL_Pres...eID=294081

Ho Bee reported a 92% decrease in qoq profits.

Is this normal for property counters? Since they may not have any sales in this quarter, so it might fluctuate from quarter to quarter.

(28-04-2014, 11:24 PM)Ferns Wrote: http://infopub.sgx.com/FileOpen/HBL_Pres...eID=294081

Ho Bee reported a 92% decrease in qoq profits.

Is this normal for property counters? Since they may not have any sales in this quarter, so it might fluctuate from quarter to quarter.

For hobee, if you have followed the company close enough, you would know in advance that it has difficulties selling its sentosa units and i dont think it is selling any condo on mainland singapore so you will expect little or no development profits.

It future profits in the next few years would be from its investment properties. but honestly, i think its share price is holding up too well, if i own shares in hobee, i would sell them all today.

Anyway, some people are guessing that the CEO will privatise the company, perhaps that's the reason why the shares are trading so high but my take is that he wont privatise it

(29-04-2014, 09:58 AM)safetyfirst Wrote:

(28-04-2014, 11:24 PM)Ferns Wrote: http://infopub.sgx.com/FileOpen/HBL_Pres...eID=294081

Ho Bee reported a 92% decrease in qoq profits.

Is this normal for property counters? Since they may not have any sales in this quarter, so it might fluctuate from quarter to quarter.

For hobee, if you have followed the company close enough, you would know in advance that it has difficulties selling its sentosa units and i dont think it is selling any condo on mainland singapore so you will expect little or no development profits.

It future profits in the next few years would be from its investment properties. but honestly, i think its share price is holding up too well, if i own shares in hobee, i would sell them all today.

Anyway, some people are guessing that the CEO will privatise the company, perhaps that's the reason why the shares are trading so high but my take is that he wont privatise it

Indeed a safety first.

Ho Bee has been buying up and building office buildings....Most probably a REIT is in the offspring. The boss has been doing share buyback to increase his stake but lately he is buying up shares personally.

Whether he would privatise the company first then reit the buildings or reit the buildings and pay up cash/or privatise remains to be seen. I think very much depends on the share price........ on what he would do. Personally I believe he would reit the office buildings first and then distribute cash. He needs some time to maximise the revenue and profit first as Metropolis is only up recently....