Wee Hur Holdings posts $38.7m profit in H1

The decline was mainly due to the Fund I disposal.

Wee Hur Holdings Limited reported a net profit attributable to equity holders of $38.7m for the six months ended 30 June 2025, down from $66.5m in 1H 2024.

The decline was primarily due to the absence of contributions from associates and joint ventures following the disposal of its PBSA Fund I portfolio.

Revenue for the period rose 43% year-on-year to $156m, driven by a one-off disposal fee from Fund I and solid results in Singapore property development.

Singapore property development revenue increased 158% to $47m, supported by the fully sold Bartley Vue project and Mega@Woodlands development, which is 99% sold.

In Australia, Wee Hur received approval for a greenfield residential subdivision in SouthEast Queensland with 358 housing lots, positioning the group for further growth. Workers’ dormitory revenue dipped slightly by 2% to $42m, while the new Pioneer Lodge, adding 10,500 beds, opened in June 2025.

The student accommodation (PBSA) segment recorded a $5.9m loss due to fair value adjustments, with Y Suites Redfern (409 beds) operational since February 2025 and a 708-bed Adelaide development under construction.

Construction segment revenue rose 23% to $73.6m, and the Group’s order book reached $629m. Fund management revenue jumped to $40.3m from $2.3m due to the Fund I disposal, with plans underway for PBSA Fund III.

The group maintains a strong financial position with $277.1m in cash, a gearing ratio of 13%, and a $500m Medium Term Note programme. An interim tax-exempt dividend of S$0.005 per share has been declared for 1H 2025.