Between Jul 3 and 4, Hiap Hoe : 5JK 0% executive chairman Teo Ho Beng acquired 500,000 shares at an average price of S$0.603 per share. With a consideration of S$301,250, this increased his total interest in the regional premium real estate group from 75.07 per cent to 75.18 per cent. 

 

Teo has been gradually increasing his total interest from 74.86 per cent in early June. He has more than 42 years of experience in the construction and property industries, and over 27 years of experience in the leisure industry. He is responsible for the formulation of corporate strategies and policies for the group. In addition, he sits on the board of Ley Choon Group Holdings as non-executive director.

 

The group noted in February that it is concentrating on enhancing the rental yields and occupancy rates of its properties to bolster its steady income stream. The two newly rebranded hotels in Singapore are anticipated to positively impact the group&rsquo s financial outcomes, despite the competitive nature of the hotel industry.

 

The group has since completed the acquisition of the Great Eastern Motor Lodge in Western Australia in March and the sale of the Four Points by Sheraton in Melbourne Docklands in April.

On Jun 4, Hiap Hoe : 5JK 0% executive chairman Teo Ho Beng acquired 500,000 shares at S$0.63 per share. With a consideration of S$315,000, this increased his total interest in the regional premium real estate group from 74.86 to 74.97 per cent. 

 

Teo was appointed director of Hiap Hoe Group in 1983. He was redesignated executive chairman and relinquished his role as CEO in Hiap Hoe Group in January 2024. He held the CEO position from 2006 and was previously the executive chairman of the board from May 2012 to May 2017.

 

He has more than 42 years of experience in the construction and property industries, and over 27 years of experience in the leisure industry.

 

He is responsible for the formulation of corporate strategies and policies for Hiap Hoe, and the implementation of these strategies by senior management at the operations level.

 

Teo also chairs the financial investment committee for the group&rsquo s investment portfolios and senior management meetings to monitor Hiap Hoe&rsquo s performances, including oversees management, budgeting, and forecasting processes to ensure there is prudent financial management.

 

In addition, he sits on the board of Ley Choon Group Holdings as non-executive director.

 

On Feb 29, Hiap Hoe reported a profit after tax of S$5.5 million in FY2023 (ended Dec 31) versus a loss after tax of S$22.1 million in FY2022.

 

The FY2023 revenue of S$111.9 million decreased S$7.5 million from S$119.4 million in FY2022, mainly due to the loss of revenue from its two Singapore hotels, which were closed for three months for refurbishment works for their rebranding as the new Aloft Singapore Novena.

 

The group recorded an increase in rental revenue from S$27.0 million in FY2022 to S$28.9 million in FY2023, mainly due to the higher occupancies in its properties. Its leisure business also fared well in FY2023, with revenue 11 per cent higher than that in FY2022, at S$11.2 million.

HIAP Hoe : 5JK 0% will sell its Melbourne Docklands hotel for A$96 million (S$83.9 million) to WFM Financial, a subsidiary of Australia-listed alternative asset manager MA Financial.

 

On Monday (Feb 5), Hiap Hoe said it plans to use the proceeds to repay its bank borrowings and for working capital use.

 

The 273-key hotel is located at the edge of Victoria Harbour at 443 Docklands Drive, with views of the Melbourne central business district. It comes with conference space, a bar and restaurant, and guest amenities such as a gym and outdoor swimming pool.

 

The freehold site which it sits on has a gross floor area of 17,774 square metres, based on Hiap Hoe&rsquo s annual report for the financial year ended December 2022.

 

Hiap Hoe bought the waterfront site in 2013 and subsequently developed it into a hotel under the Four Points by Sheraton brand, which opened in 2017.

 

In a press statement issued separately on the same day, MA Financial said it intends to rebrand the existing hotel &ndash currently known as Four Points by Sheraton Melbourne Docklands &ndash as Vibe Docklands.

 

The transaction marks the first in a range of hotel properties which MA Financial intends to acquire in the near term, said the asset manager&rsquo s joint chief executive Julian Biggins.

 

Vibe Docklands will be operated by the newly appointed TFE Hotels &ndash a joint venture between Singapore&rsquo s Far East Organisation and Australia&rsquo s Toga Group.

 

&ldquo We have had a long association with the property, having acquired the site on which it was developed in 2013,&rdquo said Hiap Hoe&rsquo s chief executive Marc Teo.

 

&ldquo We are happy to see stewardship of the investment transition to MA Financial.&rdquo

 

REAL estate group Hiap Hoe on Tuesday (Dec 19) announced the purchase of a 198-bedroom freehold motel property in Western Australia for A$40 million (S$35.9 million).

 

The property is Great Eastern Motor Lodge, which is situated along the Great Eastern Highway, the main road linking the domestic and international terminals at Perth Airport to the Western Australian capital&rsquo s central business district.

 

Hiap Hoe said the lodge benefits from an array of transport connections and serves as focal points of the inner-city suburb of Rivervale, which is undergoing a comprehensive regeneration involving multiple residential, commercial and lifestyle venue developments.

 

Hiap Hoe&rsquo s directors believe that the property presents a prime investment opportunity with high occupancy levels, and also provides an opportunity for the company to increase its recurrent income streams, it added.

 

Of the A$40 million, A$4 million was paid towards the purchase on Tuesday. The remaining A$36 million will be paid upon the acquisition&rsquo s completion, and is an amount that will be fully funded through a combination of internal resources and debt, the company said.

 

The new property will be held under Hiap Hoe&rsquo s new wholly owned unit trust in Australia &ndash Meteorite Land (Great Eastern) Unit Trust &ndash and is acquired through its indirect wholly owned subsidiary Meteorite Land (Great Eastern) as its trustee.

 

The sellers are S & C Christie, as trustee for the S & C Christie Family Trust.

 

The A$40 million consideration was arrived at on a willing buyer willing seller basis after taking into account the independent valuation of the property and various commercial factors, Hiap Hoe added.

 

Hiap Hoe announced that it is debuting Singapore&rsquo s first Aloft Hotel &ndash Aloft Singapore Novena &ndash and the largest Aloft hotel in the world. The Aloft Hotels brand is part of Marriott Bonvoy&rsquo s portfolio of 31 hotel brands.

 

Aloft Singapore Novena takes up two towers with an impressive total of 781 rooms and four suites, each ranging from 18 sqm to 46 sqm. Located in Balestier, the hotel is designed by KKS International and adopts a &ldquo different by design&rdquo philosophy that champions personality and passion for music.

 

The hotel also includes various dining concepts, namely Yuè , 21 on Rajah, WXYZ bar and Re:fuel by Aloft.

 

Additional facilities include the 24/7 indoor and outdoor gyms, swimming pool, meeting spaces and outdoor event lawn.

 

Hiap Hoe says it expects to report a loss for its FY2022 ended Dec 31 2022.

 

This is due to fair value changes in financial instruments arising from the real estate group&rsquo s investment portfolios as a result of elevated volatility and significant declines across asset classes.

 

Hiap Hoe will report its earnings for FY2022 on or before Feb 28.

 

Separately, Emerging Towns & Cities Singapore (ETC Singapore), which is in the process of finalising the valuations on its investment properties, has also sounded its own profit warning.

 

It is expecting to report a loss for its FY2022 ended Dec 31 2022, and to recognise fair value losses on the group&rsquo s investment properties at the Golden City project, which are non-cash in nature.

 

The group has attributed the expected loss to a write-down of its development properties and lower revenue from the rental of investment properties at the Golden City project in FY2022.

 

ETC Singapore will report its earnings for FY2022 on or around Feb 28.

 

Santak Holdings has also issued a profit warning for the 1HFY2023 ended Dec 31 2022, due to substantially lower contributions

 

from the group&rsquo s precision engineering division arising mainly from significantly weaker demand from the data storage sector.

 

Gross profit for the period is also expected to be substantially lower, mainly arising from lower economies of scale recorded as a result of

 

the decrease in turnover. In addition, other operating expense also increased in 1HFY2023 compared to 1HFY2022 mainly due to a foreign exchange loss registered in 1HFY2023 compared to a foreign exchange gain for 1HFY2022.

 

Santak will report its earnings for 1HFY2023 before or around mid-February.