The Tamesis
Billionaire Chua Thian Poh is executive chairman of Ho Bee Land, which is increasing investment in Australia.
Nicky Loh for Forbes Asia
Ho Bee Land – controlled by a Singaporean billionaire Cai Tianbao— is buying a property in Queensland for A$318.5 million ($220 million), doubling its investment in Australia amid a property boom.
The Singapore-based property company said in a statement that it could develop up to 1,400 residential sites, as well as 64 commercial and industrial properties, on 181.4 hectares (1.8 million square meters) of land in the city of Moreton Bay, north of Greater Brisbane in southeastern Queensland.
Ho Bee Land said the site is part of a “key growth corridor” with direct access to the Bruce Highway, the main artery connecting Brisbane and Cairns, and is close to established employment, residential and logistics precincts. The company’s shares rose 1.3% in afternoon trading in Singapore.
The property is Ho Bee Land’s latest acquisition in Australia. In November last year, the company spent A$96.6 million to purchase five sites, which are expected to generate 1,079 residential sites. Three of the sites are in Queensland and two are in south-eastern Victoria.
Ho Bee Land has been expanding its presence in Australia, with the national median house price hitting a new record of $1.3 million last year as rising immigration drives the country’s population growth, according to property portal Domain Australia.
Chua — a high school dropout who started making hooks and nails for the logging industry — has $1.5 billion real time net worthmaking him one of Singapore’s richest tycoons. He founded Ho Bee Land in 1987, which is best known for building high-end condominiums in the Singapore island resort of Sentosa. The company currently has more than $7 billion in assets and 35 development projects in four countries. Its diverse portfolio includes iconic office buildings in London and Munich.
