Ho Bee reports higher 1HFY2022 earnings as rental income from The Scalpel kicks in

By The Edge Singapore / EdgeProp Singapore | August 11, 2022 7:03 PM SGT
About 13 units have been sold at Cape Royale at an average of $2,222 psf since it was launched in June (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - Ho Bee Land has reported a 42% y-o-y jump in its 1HFY2022 earnings. Revenue in the same period was up 13.3% y-o-y to $178.3 million.
Read also: Mortgagee sale of sea-facing Sentosa Cove bungalow for $21 mil
For the six months to June 30, earnings increased to $149.9 million, which includes a $16 million net fair value gain on its investment properties, as well as a $32.8 million realized gain on financial investments.
That aside, the company enjoyed better operational performance too. Rental income, for example, was up 12.9% y-o-y to $128.6 million, thanks mainly to contribution from The Scalpel, a London office bought by Ho Bee in February this year for $1.3 billion.
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“We are pleased to report a resilient set of first half results despite the global macroeconomic uncertainties and challenges brought about by the Russia-Ukraine war and the new wave of Covid-19 infections,” says CEO Nicholas Chua.
“Our enlarged portfolio of investment properties after the acquisition of The Scalpel continues to underpin our profit. In addition, we have also recorded encouraging sales from our Sentosa Cove projects.”
Ho Bee launched the 302-unit Cape Royale at Sentosa Cove, which was completed in 2013, where units have been leased. The 99-year leasehold project was launched in June, and to date, 13 units have been sold at an average price of $2,222 psf, based on caveats lodged with URA Realis.
“The rising interest rates, inflation and volatility in foreign exchange rates could have an impact on the company’s financial performance. Nevertheless, barring any further external shocks, we expect to remain profitable for the year,” he adds.
Ho Bee Land last traded at $2.81.
Check out the latest listings near Cape Royale, Sentosa Cove
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