The S$820 million investment of Ho Bee’s new Grade A office project at one-north, Buona Vista is expected to generate up to a four-fold increase in its recurring profits, said CEO and Chairman Chua Thian Poh.
Ho Bee, which is known for its luxury residential projects at Sentosa Cove, won the tender for the 99-year leasehold site last year. The site is located within close proximity of Buona Vista MRT Station and situated within the growing cluster of biomedical, information and communication technologies and media industries.
“Just like when the government started selling untested residential land in Sentosa Cove, we see that there is immense potential in this site,” said Mr. Chua.
The new project will have a net lettable area (NLA) of approximately 1.04 million sq ft across two towers and will feature a retail component. It has also acquired a Green Mark Platinum certification.
The firm’s 2010 revenue generated S$25.3 million and the company said the figure is expected to increase four times when the new development is fully occupied.
CB Richard Ellis (CBRE) and Jones Lang LaSalle (JLL) are the project’s joint leasing agents.
Chris Archibold, Head of Markets at JLL, believes that the demand will be strong, as companies looking for non-CBD locations have been keen on the one-north area that currently does not have pure office space available.