A wholly-owned subsidiary of Mainboard-listed real estate company Ho Bee Land is acquiring a 181.36ha development site in Queensland, Australia for a total consideration of A$318.5 million ($279.73 million).
According to a Jan 26 bourse filing, the site is located within the City of Moreton Bay, a local government area in the north of Greater Brisbane in Southeast Queensland. It is positioned within a “key growth corridor” with direct access to the Bruce Highway and proximity to established employment, residential and logistics precincts.
The site is expected to accommodate up to approximately 1,400 residential lots, together with approximately 64 mixed business and industrial lots upon completion.
The subsidiary, Elimbah Land Pty Ltd, paid a deposit of A$10 million upon execution of the contract of sale, with the remaining balance to be payable in stages based on agreed settlement milestones.
According to Ho Bee Land, the acquisition will be financed by the group’s internal funds and bank borrowings. The acquisition is not expected to have any material impact to the group’s consolidated earnings and net tangible assets per share for the financial year Dec 31.
According to the Australian government’s Australian Business Register, Elimbah Land was set up as an Australian private company on Jan 22.
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Ho Bee Land itself acquired five residential development sites in Australia for A$96.6 million in November 2025, which it expects can yield some 1,079 residential lots. Three of the sites are in Queensland, including one in Ripley, another in South Ripley and another at Park Ridge, which is near Brisbane’s central business district. The other two sites are in Victoria in Batesford.
This time last year, Ho Bee Land announced its plan to acquire all remaining shares in Australia-based residential property developer AVJennings. Ho Bee Land indirectly held a 5.49% stake at the time.
Ho Bee Land dropped its acquisition bid in April after AVJennings accepted a competing binding offer.
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According to Ho Bee Land’s website, the group holds some $7 billion in assets, with 35 developments across four countries, including nine “prime office assets”.
In Singapore, the group owns The Metropolis along North Buona Vista Drive, two office towers with 1.2 million sq ft of gross floor area that were completed in November 2013.
