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Office rents, not home sales, to prop up Ho Bee’s bottomline in 2015
Overseas earnings will also provide an upside.
Ho Bee Land will have to rely on rising office rents and not residential property sales for a profit boost in 2015. According to CIMB, the group’s earnings will be underpinned by rental income especially from its office portfolio in Singapore and the UK.
The group’s sales volume in Sentosa will remain particularly weak, but its overseas residential properties in Australia could post healthy margin surprises.
“We understand that Ho Bee has started selling its Doncaster project in Melbourne and take-up has been healthy so far. We expect the earnings to come in 2016-17 when the project is completed,” noted CIMB.
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