Ho Bee net income soars by 36.9% to $16.7m in Q2

Boosted by higher rents from commercial assets.

Ho Bee Land managed to buck the ailing residential property market by relying on its robust commercial portfolio in the second quarter.

Higher rents from its commercial properties drove Ho Bee’s net profit up by 36.9% to $16.7m in Q2.

Analysts from Maybank Kim Eng believe that Ho Bee is evolving from a high-end residential property developer and is rapidly becoming a stable commercial proxy.

“Over the past month, the company announced the acquisition of two London properties for a total of GBP190m, which brings its total investments to GBP0.5b over the past two years. With London office at 30% of its GAV and Singapore office (The Metropolis) another 40%, we believe the company is evolving to be a stable commercial proxy,” the report from Maybank Kim Eng said.