Ho Bee buys sites in Australia, expects to yield more than 1,000 residential lots

SINGAPORE's Ho Bee Land H13 units have bought 3 residential development sites in Australia for A$115 million (S$116.4 million), with the land parcels expected to yield more than 1,000 residential lots.

Announcing its subsidiaries' Australian acquisitions in a regulatory filing on Thursday (Oct 28), the mainboard-listed property developer said the 21.16 hectare site acquired by HB QLD is located 35km south of the Brisbane CBD and directly adjoins regional sporting facilities at Hubner Park. And it is serviced by a major employment centre and established commercial nodes.

The acquired land can build approximately 284 residential lots and yield two commercial use parcels.

Another acquisition also by HB QLD is an 11.36 ha site located 55km north of Noosa on the Sunshine Coast and is expected to yield 133 residential lots. This, Ho Bee noted, can start development works in the near future as it has existing approvals.

The last plot acquired by HBL VIC is a 45.61 ha site located 25km north of the Melbourne CBD and 10km from the Melbourne Airport and is served by schools and train lines. The company expects it could develop on the site about 609 residential lots, a regional sports field and a government school.

The counter ended S$0.01 down at S$2.82 on Thursday (Oct 28), before the acquisitions were announced.