Ho Bee Land, the leading developer of luxury homes in Sentosa Cove, has reported a net profit of $11.6 million for the first quarter ended 31 March 2015.
Compared to the same period last year, this represents a sharp increase of 182 percent.
Group revenue in the quarter soared 81 percent to $31 million from a year ago, mainly from the rise in rental income of office buildings in Singapore and London.
Meanwhile, earnings per share climbed to 1.7 cents from 0.6 cents last year.
Commenting, Group Chairman & CEO Chua Thian Poh said: “The residential market in Singapore continues to be challenging. However, earnings for the next few quarters will continue to be underpinned by the strong rental income from the office buildings, The Metropolis in Singapore, Rose Court, 1 St Martin’s Le Grand and 60 St Martin’s Lane in London.”