Ho Bee Land's units buy 3 sites in Australia and expects to build about 1,200 residences

Ho Bee Land's The Metropolis in Buona Vista.
Ho Bee Land's The Metropolis in Buona Vista.PHOTO: BT FILE

SINGAPORE (THE BUSINESS TIMES) - Ho Bee Land's units have acquired three residential development sites in Australia for A$103.73 million (S$107.83 million), with these plots expecting to yield about 1,200 residential lots in total.

HB QLD has acquired a 27.15 hectare (ha) site 30 km from Brisbane's central business district (CBD), and expects to build 323 lots there. The site is near Springfield Town Centre and well served by schools and train lines, the Singapore-based property developer said in a regulatory filing on Wednesday.

HBL VIC has acquired a 59.73 ha site between two future rail stations and located 28 km west of Melbourne's CBD. The acquired land will be developed into 755 residential lots with a 3.5 ha school, a 5.67 ha regional sports reserve and a 8.2 ha future development parcel planned as well.

Its vicinity will be enhanced with amenities, given that the site is adjacent to the upcoming Riverdale Major Town Centre and Wyndham City Stadium, Ho Bee said.

HBL VIC has separately bought an 8.31 ha site 50 km south-east of Melbourne's CBD, and expects to build 119 residential lots on the land.

These acquisitions will be funded by the group's internal funds and bank borrowings.

Ho Bee said: "The projects are not expected to have any material impact on the group's consolidated earnings and net tangible assets per share of HBL for the financial year ending Dec 31, 2021."

Ho Bee shares closed flat at S$2.42 on Wednesday, before this announcement.