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SINGAPORE: A robust property market and a strong economy have helped developer Ho Bee to report record full-year earnings.
Net profit jumped 176 percent on year to S$272 million. This was achieved on the back of record revenues of S$596 million, up 52 percent on year.
Ho Bee's development properties reported higher sales due to the progressive recognition of income from its residential projects, including those at Sentosa Cove, Orange Grove Road and Holland Road.
Its property investment division has continued to benefit from high occupancy levels and improvement in rental rates.
Ho Bee's Chairman and CEO Chua Thian Poh said he is cautiously optimistic about the market outlook.
He cited recent Urban Redevelopment Authority (URA) data that suggested a continued rise of overall prices of residential properties in the fourth quarter, albeit at a lower rate.
URA had said overall prices for residential properties rose 6.8 percent compared to 8.3 percent in the previous quarter. For non-landed properties, the increase was 7.2 percent, against 8.3 percent in the previous quarter.
Year-on-year, overall prices have gone up by 31 percent, while non-landed properties saw a 33 percent increase.
Ho Bee has proposed a one-tier final dividend of 2 cents per share.
- CNA/so
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