During the period, the group recorded a fair value loss on investment properties of $98.7 million, compared to a fair value gain of $53.1 million a year ago. This loss is the result of a fair value loss of $201.9 million on its London portfolio which was mitigated by a gain of $103.2 million on its Singapore portfolio.
Ho Bee Land (SGX:H13
) announced that its FY2022 ended Dec 31, 2022, earnings have dropped by 50% y-o-y to $165.9 million from $330.5 million in FY2021, mainly due to fair value loss on investment properties incurred, as well as higher costs and expenses.
This comes despite a 25% y-o-y increase in revenue to $435.6 million from $347.7 million a year ago, mainly bolstered by sales from the group's development projects in Australia and rental income from The Scalpel in London.
