Wee Hur Holdings has reported earnings of $68.4 million for the FY2025 ended Dec 31, 2025, 26.6% higher y-o-y, on higher gross profit and a one-off performance fee from the partial disposal of Wee Hur’s purpose-built student accommodation (PBSA) portfolio under the Wee Hur PBSA Master Trust.
Adjusted net profit surged by 130% y-o-y to $105.5 million, on the back of strong operating performance across the group’s core business segments.
Revenue was up by 47.1% y-o-y to $295.4 million thanks to higher contributions from the group’s property, construction, workers’ dormitory and management platform segments.
Revenue for Wee Hur’s Singapore properties surged by 83% y-o-y to $82.9 million mainly due to progressive recognition from Bartley Vue as construction progresses. The 115-unit residential development has achieved 84.9% project completion during the year with all units sold. The 517-unit industrial strata Mega@Woodlands maintained a 99% sales rate during the year. The group was awarded the Upper Thomson Road Government Land Sales (GLS) site in FY2025. The project will be developed into a 596-unit residential project with commercial units on the first floor.
Revenue for the group’s workers’ dormitory grew by 10% y-o-y to $92.7 million mainly due to a stable occupancy rate of 95% at the 15,744-bed Tuas View Dormitory, as well as favourable rental rates. The group’s second purpose-built dormitory (PBD), the 10,500-bed Pioneer Lodge, completed construction and obtained its temporary occupation permit (TOP) in 4Q2025. The PBD is compliant with Singapore’s national dormitory standards. Based on current committed leases, Pioneer Lodge has achieved an occupancy rate of 67%. Wee Hur says it expects this rate to increase in FY2026.
Construction revenue grew by 20% y-o-y to $75.9 million mainly from contributions from newly secured projects and gradual revenue recognition as projects progressed.
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As at Dec 31, 2025, the group’s construction order book stood at $672.5 million with project visibility through to FY2029. With the addition of the Upper Thomson Road GLS, the group’s order book now stands at $935 million.
Finally, the fund management segment reported revenue of $41.8 million, up from $5.5 million in FY2024. This includes a one-off fee of carried interest recognised in relation to the disposal of units in the PBSA portfolio of Fund I to Greystar. The group still has a 13% stake in the fund.
Gross profit surged by 63.5% y-o-y to $135.7 million, as gross profit margin (GPM) expanded by 4.6 percentage points y-o-y to 45.9%.
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Other income surged by 164% y-o-y to $11.3 million mainly attributable to a $4.2 million one-off gain from disposal of discontinued operations and higher distribution income following the Greystart distribution in 2QFY2025.
During the year, the group reported a share of loss of $2.1 million from investments in associates and joint ventures (JV) due to the disposal compared to the share of profit of $64.9 million in the year before.
It also recorded a non-cash fair value loss of $49.4 million due to valuation adjustments from the impact of lease decay from the remaining lease tenures of the two dorms.
Earnings per share (EPS) stood rose by 26.5% y-o-y to 7.44 cents on a basic and diluted basis.
As at Dec 31, 2025, Wee Hur has cash and bank balances of $250.8 million.
The board has declared a final dividend of 1 cent per share, bringing its total dividend for FY2025 to 1.5 cents.
“FY2025 reflects the strength of Wee Hur’s integrated real estate model. Our presence across construction, property development, accommodation and fund management enables us to secure new projects, participate in value creation at different stages of the real estate cycle, and strengthen revenue and earnings visibility,” says executive chairman and managing director Goh Yeow Lian. “We endeavour to grow the platform in a disciplined manner to deliver sustainable, long-term value for our shareholders.”
Looking ahead, Wee Hur says it will continue to execute its multi-asset class real estate platform strategy.
The group aims to focus on delivering its construction order book, executing and monetising its Singapore and Australia development pipelines, scale recurring income from its workers’ dormitory through the ramp-up of Pioneer Lodge, and expand fee-based recurring income through its PBSA fund management and further institutional partnerships.
