Ho Bee Land’s subsidiaries HB QLD and HBL VIC have acquired three residential development sites located in Queensland and Victoria, Australia.
HB QLD has acquired a 27.15 hectare site located in Collingwood Park, Queensland for $14.3 million. Collingwood Park is 30km from the Brisbane central business district (CBD) in the Ipswich area is also located close to Springfield Town Centre. The site is expected to yield approximately 323 residential lots.
HBL Vic has acquired two sites in Victoria located in Tarneit and Officer respectively. The Tarneit site measures 59.73 hectares and is located 28km west of the Melbourne CBD. The site was acquired for $73.2 million and it is expected to yield about 755 residential lots, a 3.5 hectare school, a 5.67 hectare regional sports reserve and a 8.2 hectare future development parcel.
SEE:Ho Bee Land reports 2HFY2020 earnings of $46.5 mil, books fair value loss of $32.8 mil
The Officer site was acquired for $16.23 million and measures 8.31 hectares. It is located 50km southeast of Melbourne CBD, within the Shire of Cardinia. There will be about 119 residential lots when completed.
In a filing to SGX dated March 17, Ho Bee Land states that the acquisitions will be funded by the company’s internal funds and bank borrowings.
Ho Bee Land also says the projects are in its “ordinary course of business” and in line with its objectives to “focus on developing master-planned communities in Queensland and Victoria.”
Shares in Ho Bee Land closed flat at $2.42 on March 17.
