Ho Bee Land (formerly: Ho Bee Investment)

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#71
Ho Bee is bottomfishing... Melbourne is the worst of all Australian city especially in the apartment segment. Sydney is the best. St****** is the preferred play on Australian property development and hospitality sector...

Vested
Both Ho Bee and St******
GG

(05-07-2013, 05:59 PM)psolhawk Wrote: http://info.sgx.com/webcoranncatth.nsf/V...F0007398D/$file/HBI_Establish_wholly_owned_subsidiary_to_acquire_site_in_Doncaster.pdf?openelement

Purchase of a site in Australia, Melbourne. Australia's property market getting hot.
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#72
Ho Bee's The Metropolis now 82% pre-committed ahead of October completion

But MayBank estimates lower-than expected $80m annual profit.

The Metropolis is on schedule to be completed by Oct 2013. MayBank KimEng analyst Wilson Liew that the commercial property is now already 82% pre-committed.

Management has indicated a plausible S$80mn annual recurrent income when the development is fully leased in 2015.Ho Bee stated an average price of $6-7 psf for office leases and $8-15 psf for retail.

MayBank however only expects net profit contributions of ~SGD50m annually when fully-
leased.

The Metropolis will be an integrated development comprising of 2 office towers which is well supported by amenities such as retail and food & beverage outlets.

The property being marketed by Jones LangLaSalle is strategically located within one-north which is Singapore's icon of the knowledge economy and an emerging decentralized location of choice for corporate occupiers.

The development is directly link to Buona Vista MRT station and future circle line MRT station.

Jones Lang LaSalle notes that the development will yield a net lettable area of over 1 million sf spread over large and efficient floor plates of 25,000 to 30,000sf and will be a distinctive landmark development within one-north upon its completion.
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#73
(15-08-2013, 11:42 AM)yanziyang Wrote: Ho Bee's The Metropolis now 82% pre-committed ahead of October completion

But MayBank estimates lower-than expected $80m annual profit.

The Metropolis is on schedule to be completed by Oct 2013. MayBank KimEng analyst Wilson Liew that the commercial property is now already 82% pre-committed.

Management has indicated a plausible S$80mn annual recurrent income when the development is fully leased in 2015.Ho Bee stated an average price of $6-7 psf for office leases and $8-15 psf for retail.

MayBank however only expects net profit contributions of ~SGD50m annually when fully-
leased.

The Metropolis will be an integrated development comprising of 2 office towers which is well supported by amenities such as retail and food & beverage outlets.

The property being marketed by Jones LangLaSalle is strategically located within one-north which is Singapore's icon of the knowledge economy and an emerging decentralized location of choice for corporate occupiers.

The development is directly link to Buona Vista MRT station and future circle line MRT station.

Jones Lang LaSalle notes that the development will yield a net lettable area of over 1 million sf spread over large and efficient floor plates of 25,000 to 30,000sf and will be a distinctive landmark development within one-north upon its completion.

NLA just over 1m sq ft, average rent is S$6.50 psf pm so annual rental is 1m * 6.5* 12 assuming full occupancy = S$78m

Management's guidance of 80m is for gross rental revenue while Maybank KE's 50m is net profit
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#74
Good bye to this one. CEO keep buying, i sell to him my few lots. Sell good, buy better.

Wonder if he will privatise, if he keep buying at this rate...
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#75
For those vested...

(not vested)

Sentosa Cove condo developer sued over ‘defects’

SINGAPORE — Angered by what they allege to be “defects” on their property — which include termite-infested pool decking, flooded staircases in common areas and incorrectly-installed electrical fittings — 108 owners of an upscale condominium on Sentosa Cove have taken property developer Ho Bee Investment and three contractors to court.

Ho Bee has denied some of the claims, said its Executive Director Desmond Woon. “We’re looking into the matter. The amount they are suing us for is not quantified yet. It’s very common to claim for defects ... some claims are natural wear and tear; it’s not just the termites,” he said.

The property managers of The Coast filed papers in the High Court on July 31.

Ho Bee is represented by Mr Ling Tien Wah of Rodyk & Davidson while the homeowners are represented by Mr Edwin Lee of Eldan Law.

Court documents showed that the contractors being sued are Kim Seng Heng Engineering Construction, Architects 61 and Bescon Consulting Engineers.
...
http://www.todayonline.com/singapore/sen...er-defects
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#76
(10-09-2013, 10:03 AM)CityFarmer Wrote: For those vested...

(not vested)

Sentosa Cove condo developer sued over ‘defects’

SINGAPORE — Angered by what they allege to be “defects” on their property — which include termite-infested pool decking, flooded staircases in common areas and incorrectly-installed electrical fittings — 108 owners of an upscale condominium on Sentosa Cove have taken property developer Ho Bee Investment and three contractors to court.

Ho Bee has denied some of the claims, said its Executive Director Desmond Woon. “We’re looking into the matter. The amount they are suing us for is not quantified yet. It’s very common to claim for defects ... some claims are natural wear and tear; it’s not just the termites,” he said.

The property managers of The Coast filed papers in the High Court on July 31.

Ho Bee is represented by Mr Ling Tien Wah of Rodyk & Davidson while the homeowners are represented by Mr Edwin Lee of Eldan Law.

Court documents showed that the contractors being sued are Kim Seng Heng Engineering Construction, Architects 61 and Bescon Consulting Engineers.
...
http://www.todayonline.com/singapore/sen...er-defects

CLARIFICATION OF MEDIA REPORTS – THE COAST AT SENTOSA COVE
Singapore, 10th September 2013 – Ho Bee Investment Ltd (“Ho Bee”) issued a statement
in response to media reports on a law suit filed by the MCST of The Coast (the “MCST”)
against Ho Bee Cove Pte. Ltd. (“Ho Bee Cove”), the developer of The Coast, over
alleged defects to the common property of the development.
On 26th February 2013, Ho Bee Cove received a letter from the solicitors representing the
MCST demanding that we rectify defects identified by their building expert, the cost of
which was estimated to be in excess of S$2 million.
Our consultants and main contractor reviewed the list of defects/claims in the letter and
advised that many of the defects were not construction defects that Ho Bee Cove was
liable for but due to fair wear and tear or the lack of adequate and proper maintenance.
Further, Ho Bee is of the view that the claims estimated at more than S$2 million were
grossly inflated.
As a responsible developer, we engaged a well regarded and experienced professional
building expert, M/s Robinson Jones & Associates Pte Ltd (“RJA”), to provide an
independent assessment of the alleged defects set out in the letter of 26th February 2013.
RJA similarly assessed that most defects were not genuine building defects, but due to
fair wear and tear or the lack of adequate and proper maintenance. Insofar as genuine
defects are concerned, RJA’s view is that the cost of the rectification works would not
exceed S$200,000.

Despite our repeated offers to rectify genuine building defects, the MCST had been
non-responsive and non-committal to our offers. Instead, on 5th August 2013, the MCST
served a Writ of Summons on Ho Bee Cove, the architect, the M&E consultant and the
main contractor in relation to the alleged defects.
In its defence filed on 27th August 2013, Ho Bee Cove maintained that the majority of the
alleged defects were not genuine building defects, but due to fair wear and tear or the lack
of proper maintenance. Ho Bee Cove has maintained that it is responsible and committed
to the MCST to rectify genuine defects throughout the entire process.
Ho Bee Cove will vigorously defend the MCST’s claims as many of the alleged defects
are, in their and RJA’s view, frivolous and the alleged cost of rectification is simply
inflated.

Source: http://infopub.sgx.com/FileOpen/HBI_Medi...eID=255767
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#77
(28-08-2013, 11:41 AM)Contrarian Wrote: Good bye to this one. CEO keep buying, i sell to him my few lots. Sell good, buy better.

Wonder if he will privatise, if he keep buying at this rate...

Last AGM, Mr Chua assured all shareholders that he has no plans to privatise the company. Relax. He has a heart for his shareholders. Ho Bee doesnt stinge on the dividends
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#78
"" On 26th February 2013, Ho Bee Cove received a letter from the solicitors representing the MCST demanding that we rectify defects
identified by their building expert, the cost of which was estimated to be in excess of S$2 million. ""


The project involved (The Coast @SentosaCove) had obtained TOP in April 2009 - that's over FOUR Years ago !!
so complaints like "termites infestations" now in 2013 !! - probably a no case to start with,
as property prices stagnant or decline, there'll more disgruntled owners around, so can expect to see more of such disputes ahead.
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#79
(11-09-2013, 08:20 AM)Vseeker Wrote: "" On 26th February 2013, Ho Bee Cove received a letter from the solicitors representing the MCST demanding that we rectify defects
identified by their building expert, the cost of which was estimated to be in excess of S$2 million. ""


The project involved (The Coast @SentosaCove) had obtained TOP in April 2009 - that's over FOUR Years ago !!
so complaints like "termites infestations" now in 2013 !! - probably a no case to start with,
as property prices stagnant or decline, there'll more disgruntled owners around, so can expect to see more of such disputes ahead.

The Sail by CDL also was file with such claims. Wont be surprise in future, properties will be sold like cars.. Buy a brand new Honda you get 5 year warranty... Buy a luxurious condo, we get carpenter and electrician to service your house for 5 years free!
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#80
I'm actually surprised that fixtures only have 1 year warranty. I can't believe things like falling tiles are not the contractors' liability. 5 years AT LEAST would be reasonable
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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