Life after Sentosa Cove for Ho Bee
The Metropolis provides a strong recurring income base while London, Australia acquisitions reduce concentration risk in China, chairman Chua Thian Poh tells KALPANA RASHIWALA
HO Bee Land, formerly Ho Bee Investment, is probably most associated with Sentosa Cove, having developed more homes in the upscale waterfront residential district than any other developer. The bumper profits reaped from its projects there made it a stockmarket darling in 2006-2010.
Following the global financial crisis (GFC) in 2008, the developer has been focusing on building a strong recurring income base from property investment. It sold off fringe investment properties here and bought a site in 2010 next to Buona Vista MRT Interchange Station, which it has developed into a 1.08 million square foot project with two office towers called The Metropolis.
"GFC was an experience that made us rethink our strategy of just focusing on our development engine for growth," chairman Chua Thian Poh tells BT. "Our development model was based on rapid recycling of capital through pre-sales.
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