Ho Bee

Ho Bee: Announced yesterday late afternoon. Co has begun work on its $820m office dev at One-North, which will have 2 office towers at 21 to 23 storey tall and total lettable space of over 1m sq ft. the dev will also have a retail component of 2k sqm of retail and F&B outlets. It is expected to increase its recurring income by 4 fold when the towers are fully occupied…

The dev is to be located along North Buona Vista nxt to the MRT and completion is expected in 4Q2013. Co had obtained the site for $410.99m in Aug last year. Recent property measures have caused a slide in co’s share price, last closed at $1.36 and is now trading at 0.68x P/B, relatively lower than hist avg of 1.18x