25 Feb '16, 10am

#singapore #property Ho Bee suffers $34.7m impairment loss from Sentosa condo stake: Th...

Cape Royale condominium in Sentosa Cove. (Photo: Jacklee/Wikimedia Commons) Ho Bee Land, a leading developer of luxury homes in Sentosa Cove, revealed on Thursday (25 Feb) that the group has suffered an impairment loss of $34.7 million due to its 35 percent interest in the Cape Royale development in Sentosa. The Singapore-listed firm also reported a 23 percent slump in full-year net profit to $242.2 million from 2014. In a statement, Ho Bee attributed the profit fall to a lower gain in fair value investment properties which amounted to $186.4 million, down from $281.7 million in the year before. However, group turnover for 2015 rose 30 percent to $129.9 million, due to stronger recurring income from its portfolio of commercial properties in Singapore and London. This includes The Metropolis in the one-north precinct in Singapore and six developments in London. Meanwhile, e...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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