SINGAPORE - Ho Bee Land's third quarter net profit surged to $13.5 million from a restated $7.3 million in the same period last year.
Revenue for the three months to Sept 30 rose by 66.6 per cent to $27.6 million, despite the group reporting zero sales of development properties.
This was due to higher revenue from investment properties, contributed mainly by the rentals of office buildings, The Metropolis in Singapore, Rose Court and 1 St Martin's Le Grand in London.
Earnings per share climbed to two cents from 1.1 cents previously while net asset value per share eased to $3.44 compared to $3.48 as at Dec 31.
Chairman and chief executive Chua Thian Poh said the residential market in Singapore is expected to remain challenging and he sees more opportunities overseas.
In October, the group acquired another commercial building in London, 60 St Martin's Lane.
This was in line with the group's strategic decision to increase its portfolio of investment properties for recurring income.
"Together with Rose Court, 1 St Martin's Le Grand and The Metropolis, total rental income from these four commercial properties will contribute significantly to the group's earnings," said Mr Chua.