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Ho Bee net profit up 37% in Q2

PropertyGuru

Ho Bee Land, a leading developer of luxury homes in Sentosa Cove, registered a net profit rise of 37 percent for the second quarter ended 30 June 2015 to $16.7 million from a year ago.

In a statement, the group said revenue increased 14 percent in the same period to $30.6 million. This was mainly due to higher rental income from The Metropolis, a new office building in Singapore's one-north precinct.

Earnings per share for Q2 climbed to 2.5 cents from 1.8 cents in the year before.

Responding, Group Chairman and CEO Chua Thian Poh stated: "With the acquisition of the two London properties, 39 Victoria Street and 110 Park Street announced recently, we now have a portfolio of close to $2.6 billion of investment properties.

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"The acquisitions have further strengthened the geographical diversification of our investment properties, and enhanced our recurrent income. This is in line with our growth strategy," he added.

Other buildings in its overseas portfolio include 1 St Martin's Le Grand, Rose Court and 60 St Martin's Lane in London.

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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