Ho Bee Land (formerly: Ho Bee Investment)

[ngcheeki]

Disposal of WIndsor Hotel for S$163 million!!

http://info.sgx.com/webcoranncatth.nsf/V...60026B374/$file/HoBee_Sale_of_Hotel_Windsor.pdf?openelement

[propertyinvestor]

Im buying today. Ridiculous that a net profit of 35 million can translate to a drop in the share price.

[freedom]

with the Metropolis completing in 2013, the recurrent income from its investment properties will increase substantially. Will Ho Bee pay a higher dividends?

[propertyinvestor]

More like delisting offer on the cards just like Allgreen.

[freedom]

out of almost no where, Ho Bee is going to have a gain of 30+ million(excluding minority interest) from sale of its investment(initial investment of around 1m only).

[l0nEr]

out of almost no where, Ho Bee is going to have a gain of 30+ million(excluding minority interest) from sale of its investment(initial investment of around 1m only).

"The expected gain on disposal for the Group is estimated to be S$32.7 million and will be recognised in FY2013"

Good job. no idea why though....

Any comments on the earnings today? I thought it looks not bad, but im not good at property companies.

Got a question actually for all the accounting experts, how does the company recognise the revenue for its sentosa cove properties? On page 8 of the Q4 earnings, it was stated that only 47% of the Sentosa Cove project (Turquoise) has been sold. However, 100% of the revenue has been recognised, based on the stage of completion method. So, how has the revenue been recognised? Did they recognise the total revenue based on the total costs, such that the net profit on the project becomes 0? And when the unit is sold, they will recognise it as gains on sale??

[freedom]

out of almost no where, Ho Bee is going to have a gain of 30+ million(excluding minority interest) from sale of its investment(initial investment of around 1m only).

"The expected gain on disposal for the Group is estimated to be S$32.7 million and will be recognised in FY2013"

Good job. no idea why though....

Any comments on the earnings today? I thought it looks not bad, but im not good at property companies.

Got a question actually for all the accounting experts, how does the company recognise the revenue for its sentosa cove properties? On page 8 of the Q4 earnings, it was stated that only 47% of the Sentosa Cove project (Turquoise) has been sold. However, 100% of the revenue has been recognised, based on the stage of completion method. So, how has the revenue been recognised? Did they recognise the total revenue based on the total costs, such that the net profit on the project becomes 0? And when the unit is sold, they will recognise it as gains on sale??

no accounting expert, but my opinion only.

the 100% is the 100% of the sold units. Only money from sold units can be recognized as revenue. and only Turquoise sale will be reflected in the revenue, the rest will be shown as result from joint ventures.

[l0nEr]

wow thanks!!!... yay after thinking so long, i think i got the answer...

[propertyinvestor]

Ho Bee did share buyback yesterday of 1.6million shares at price of 1.90-1.915. That is almost 90% of the counter volume. Something is brewing within the company. Its technically possible for a delisting offer to be made by the CEO.

[greengiraffe]

Luckily Ho Bee is a local company and not bounded by restrictions to MUST SELL units post TOP like Wheelock. Else sure black eye.

Ho Bee leases out luxury units to ride out property troughs

Published on Mar 22, 2013


Ho Bee chairman Chua Thian Poh (centre) with Lum Chang Holdings executive chairman Raymond Lum (left) and DCA Architects managing director Vincent Koo at the topping-out ceremony for The Metropolis yesterday. -- PHOTO: HO BEE GROUP

By Cheryl Lim

THE lacklustre market for high-end homes has prompted developer Ho Bee Group to lease out units at its completed projects.

Ho Bee has developed several pricey projects in Sentosa Cove, including Seascape and Turquoise, but sales have been hit by several rounds of cooling measures and a slowing economy.

The firm has responded by leasing out apartments, with 70 per cent of its unsold units in Sentosa already tenanted.

Ho Bee chairman Chua Thian Poh told The Straits Times: "We hope by the time the market (is all right again), we can put the apartments on the market for sale again. Especially for Sentosa, land is in limited supply. When the market (picks up), the demand for homes will definitely be there."

He noted that the firm's focus has been on growing its recurring income stream while looking to lessen its dependence on any one particular market by investing in overseas projects.

Ho Bee has developments in China and Australia, and is eyeing London again.

Mr Chua said the firm made good revenue and profit from investing in London developments during the Asian financial crisis.

He was speaking on the sidelines of the topping-out ceremony for Ho Bee's commercial project The Metropolis in Buona Vista yesterday.

The two-tower Grade A office project, which also has a retail component, has a net lettable area of about 1.1 million sq ft.

The firm said about 60 per cent has been pre-committed at rates averaging $6 per sq ft for offices and between $8 and $15 psf for retail. Key tenants include Procter & Gamble, Shell, Neptune Orient Lines and the Singapore Exchange.

Mr Chua said he expects The Metropolis to hit full occupancy by the end of this year.

He added: "We don't rule out (the possibility of putting our commercial properties into a real estate investment trust). When the project hits full occupancy, we will look out for all possible opportunities at that point."

cherlim@sph.com.sg