HO Bee Land has posted net profit of S$71.5 million for the second quarter ended June 30, up 98.1 per cent year on year.

The stronger bottomline was on the back of recognition of a S$28.3 million fair value gain on investment property.

This arose from the group completing the sale during the second quarter of 2018, of a 30-year leasehold interest carved out from a 999-year leasehold petrol station site in Bukit Timah Road. Ho Bee continues to hold the residual lease for the site. The sale price was higher than the previous valuation for the site as at Dec 31, 2017.