Ho Bee

Ho Bee: sets up an SPV to acquire a residential site located at 1 Grosvenor Street, Doncaster, Victoria. The property with a f/h tenure has a land area of 5,457 sm. There is a current planning approval for the devt of 185 residential apts with total gfa of 18,766 sm. The purchase consideration for the property is A$8.5m. The land and devt costs of this project will be financed by internal funds and bank borrowings and are not expected to have material impact on the group’s FY13 earnings. With Singapore opportunities looking limited due to high land costs and persistent policy risks, Ho Bee has been casting its eyes abroad. Its latest acquisitions build on its Gold Coast residential land acquisitions in the earlier part of the year.