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Ho Bee Land acquires two residential sites in Australia for A$23.5m

MAINBOARD-LISTED developer Ho Bee Land on Monday announced that two of its subsidiaries have separately acquired a residential development site in Queensland, Australia, for a total of A$23.5 million (S$22.8 million). 

HB Doncaster had acquired a 47.41ha site located within the Riple Valley Priority Development Area for A$14.5 million. This project is expected to yield approximately 570 residential lots, a regional sports facility, and associated community facilities, said Ho Bee in a regulatory filing. 

The group noted that Ripley is a major growth corridor in south-east Queensland, 42km from Brisbane's central businessdistrict and 15 km from Springfield Town Center. 

Another 8.98ha site acquired by HB QLD for A$9 million is currently in the final two stages of the Parklakes 2 development located on Queensland’s Sunshine Coast. The site has received all the required development permits and will yield 95 residential lots.

Ho Bee said Parklakes 2 is an established community with amenities such as a private school, extensive wetlands, walking trails and convenience retail. It is located 9.7 km from Sunshine Coast Airport and 11.7 km from Maroochy City Centre. 

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These two projects will be financed by the group's internal funds and bank borrowings, and are not expected to have any material impact on the group's consolidated earnings and net tangible assets per share for the financial year ending Dec 31, 2020, said Ho Bee.

Shares of Ho Bee closed up 0.5 per cent to S$2.15 on Monday. 

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