On May 6, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng bought 80,000 shares, for a consideration of S$50,345 at an average price of S$0.754 cents per share. He maintains a 20.41 per cent total interest in the property developer.

 

This was his first acquisition since August 2022, when 35,000 shares were bought at S$1.05 cents per share. Prior to that he purchased 43,000 shares at 98.0 cents per share in June 2022.

 

Cheong is principally involved in the group&rsquo s overall operations and management, with greater emphasis in Singapore and he has over 40 years of experience in the property development business.

 

Looking ahead, Hong Fok Corporation plans for Yotel Singapore Orchard Road to enhance operational efficiency, implement cost-saving measures, and boost guest satisfaction to attract both loyal and new visitors despite economic challenges. The group acknowledges that geopolitical uncertainties make predicting interest rate trends difficult, but a decline in mortgage financing costs could improve affordability and encourage first-time homeowners and upgraders, though foreign demand will remain low due to the Additional Buyer&rsquo s Stamp Duty.

 

The Singapore office market is expected to see modest growth amid economic uncertainty, with the group focusing on sustainability practices and targeted marketing to retain and attract tenants, ensuring stable rental income.