- Ho Bee Land (SGX:H13)’s 1H22 revenues increased 13.3% y-o-y to S$178.3m on the back of higher contributions from both the property development and property investment segments.
- Revenue from the property development segment increased ~S$6.2m (or 14.5%) y-o-y to S$49.6m, mainly due to the sales of more units at Turquoise in Sentosa Cove in 1H22. Although, we believe that the bulk of the sales at Turquoise has already been recognised in the past few quarters. Meanwhile, Ho Bee Land will begin recognising revenues from the sales at Cape Royale, also in Sentosa Cove.
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EUR44.8m gains from divestment of Munich office property
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S$16.0m in net fair value gains on investment properties
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