In FY2025, revenue from development property sales declined by 24%, from S$262.3 million in FY2024 to S$200.1 million. This is attributed mainly to lower settlements for our projects in Australia.
Ho Bee Land announced a net profit after tax and minority interest (MI) of $100.2 million, down 9% y-o-y while net profit before MI fell by 7% y-o-y to $102.4 million. Revenue for FY2025 declined by 17% to S$440.1 million. The decrease was primarily due to the deconsolidation of Elementum, lower rental income, and lower settlements of the Group’s development properties.
Rental income from the Group’s property portfolio in Singapore and London decreased by 10% to $239.9 million in FY2025 (FY2024: $265.7 million), arising from the reclassification of Elementum as a joint-controlled asset, and the planned vacancies at 1 St Martin’s Le Grand in preparation for its major enhancement works.
