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Ho Bee, Yanlord in China venture

Posted on 16 Oct 2009 | Comments Off

PROPERTY groups Ho Bee Investment and Yanlord Land have signed an agreement to explore investing in and developing a high-end residential project in Nanhu Eco-City, China.

The two companies said yesterday that a memorandum of understanding has been signed between their joint venture company in Singapore, Yanlord Ho Bee Investments, and the Tangshan Nanhu Eco-city administrative committee. The project is also supported by IE Singapore, the companies said in a filing to the Singapore Exchange.

Nanhu Eco-city, on the southern fringe of Tangshan City, has been earmarked for a new city centre that will combine modern infrastructure with environmentally friendly living conditions and comprehensive recreational amenities. It has a planned area of about 91 sq km.

Based on the existing master plan, Nanhu Eco-City will be divided into four key sectors. In particular, the south-western sector will house the new administrative and financial centres of the city and presents significant opportunities for high-end residential development.

‘Building on its competencies in property development, Yanlord Ho Bee will explore opportunities and investments for high-end residential development in this area,’ Ho Bee and Yanlord said in a statement yesterday.

Ho Bee’s stock lost one cent to close at $1.47 yesterday, while Yanlord shed three cents to close at $2.32.

Source : Business Times – 16 Oct 2009

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Posted in Developers, Overseas Property

Tagged China Property, Ho Bee, Nanhu Eco-City, Yanlord, Yanlord Ho Bee Investments

Ho Bee sells 36 units of its Trilight condo

Posted on 12 Oct 2009 | Comments Off

HO Bee Investment has sold 36 of the 60 units it previewed last Friday at its Trilight condo at Newton Road. The 30-storey freehold development is priced at an average of $1,650 psf.

The Newton Road address: Two-bedders cost between $1.82 million and $2.2 million, the three-bedroom units are priced at $3.5-3.65 million and four-bedders at around $4 million each

The apartments released cost around $2-4 million per unit and Ho Bee did not offer interest absorption scheme, which was scrapped under the Sept 14 measures announced by the government to cool the private residential property market.

Ho Bee executive director Ong Chong Hua described the outcome as ‘reasonable’.

‘We really could not ask for more, (with our preview) coming after the cooling measures,’ he added.

‘We’ve sold 36 units, but there are many others who are interested and checking on their financials,’ Mr Ong said.

‘This is not a normal shoebox apartment development,’ he quipped, referring to the fact that Trilight does not have anything smaller than two-bedroom units, and even these are generously sized at between 1,109 sq ft and 1,227 sq ft.

The flipside of this strategy of having decent-sized units is that the lumpsum price per apartment is sizeable. The cheapest two-bedder at Trilight costs $1.82 million. It is on the development’s fifth floor (the lowest level in the 30-storey condo). Continue reading →