Ho Bee Land acquires five Australian residential sites for A$96.6 million

[SINGAPORE] Ho Bee Land has acquired five residential development sites in Australia for A$96.6 million (S$82.3 million), in line with its aim to develop master-planned communities in Queensland and Victoria.

The sites are expected to yield around 1,079 residential lots, the mainboard-listed property player said in a bourse filing on Wednesday (Nov 12).

Three of the sites are in Queensland. One of them is a 7.69-hectare (ha) site in Ripley, between the economic hubs of Springfield and Ipswich.

“Ripley Valley is one of Australia’s largest priority development areas, with the evolving satellite city offering a mix of residential, retail, business, and recreational spaces,” Ho Bee said in its filing.

The others are a 21.99-ha site at South Ripley that is earmarked for infrastructure enhancements, and a 5.56-ha site at Park Ridge which is less than 40 km from Brisbane’s central business district.

The Victoria sites are a 15.75-ha one in Donnybrook, and a 23.59-ha one in Batesford. The latter will yield 374 residential lots, together with a primary school, community facilities and park land.

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The developments will be financed by Ho Bee’s internal funds and bank borrowings. They are not expected to have any material impact on earnings for the financial year ending Dec 31.

Ho Bee shares ended Wednesday flat at S$2.23.