HBL subsidiaries acquire Australian residential sites for $82.5m

The projects are expected to yield around 1,079 residential lots.

Ho Bee Land Limited (HBL) has announced that its wholly owned subsidiaries, HB QLD Pty Ltd and HBL VIC Pty Ltd, have acquired five residential development sites across Queensland and Victoria, Australia, for a total of approximately $82.5m (A$96.6m).

The projects are expected to yield around 1,079 residential lots, according to a bourse filing.

In Queensland, the acquisitions include a 7.69-hectare site on Binnies Road in Ripley, a 21.99-hectare site on Bayliss Road, and a 5.56-hectare site on Green Road in Park Ridge.

Meanwhile, in Victoria, HBL acquired a 15.75-hectare site on Norman Road and a 23.59-hectare site on Ballan Road in Batesford.

The projects will be financed by the group’s internal funds and bank borrowings, and are not expected to have any material impact on consolidated earnings and net tangible assets per share of HBL for the financial year ending December 31, 2025.

A$1 = $0.85

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