Singapore-listed developer Ho Bee Land suffered a net profit decrease of 54 percent year-on-year to $12.2 million in Q2 2014.
But group turnover for the three months jumped to $26.8 million compared to $6.1 million during the same period last year, on the back of higher revenue from investment properties.
Rental income from industrial and commercial properties increased to $25.7 million from $2.8 million in Q2 last year due to the rentals of office buildings, The Metropolis in Singapore, and Rose Court and 1 St Martin’s Le Grand in London.
Group CEO Chua Thian Poh noted that Singapore’s real estate environment continues to be challenging, especially in the residential sector.
“The government had reiterated on many occasions that it is still too early to relax the cooling measures,” he said.
Ho Bee develops luxury homes in the exclusive Sentosa Cove enclave, including the Cape Royale condominium.
Credits: Property Guru