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Ho Bee earnings soar on $489.6m revaluation gain

A REVALUATION gain of $489.6 million for The Metropolis office project in Buona Vista provided a big boost to Ho Bee Land's fourth-quarter and full-year net earnings.

The property group announced net profit of $506.1 million for the fourth quarter ended Dec 31, 2013, up from $66.9 million for Q4 2012. For FY 2013, the group's net profit rose to $591.8 million from $187.1 million in FY 2012. Also contributing to the stronger bottom line was the $47.2 million gain from disposal of shares in Chongbang Holdings (International) in early 2013.

As at end-December 2013, The Metropolis, comprising two office towers with Grade A specifications plus a small retail component, was valued at $1.242 billion by...

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