Ho Bee Land acquires Queensland development site for A$318.5 million
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Ho Bee Land has acquired a development site in Queensland, Australia for A$318.5 million through its subsidiary, Elimbah Land. The 181.36-hectare site is expected to accommodate around 1,400 residential lots and 64 mixed business and industrial lots. The acquisition aligns with Ho Bee Land's strategy to expand its land bank in key Australian markets. The purchase will be funded through internal funds and bank borrowings, with no expected material impact on earnings for the financial year ending December 31, 2026. Ho Bee Land's shares rose 2.2% to S$2.35 prior to the announcement.
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