Under the stewardship of Group CEO Teo Ho Beng, Hiap Hoe ventured into Australia's property market last year, acquiring two prime sites. The property group paid $33.6 million for a 3,795-sq-m waterfront site on Melbourne's Pearl River Road and $43.8 million for a site in Melbourne's Lonsdale Street that has a permit for a $480 million mixed-use development. The company had an equally active year at home, acquiring a 14.9 percent interest in Ley Choon for $14.5 million as part of a strategy to enlarge and diversify its revenue streams over the next few years. Its JV company HH Properties also launched $300 million integrated development Ramada Singapore in May, managed by the Wyndham Hotel Group and the only four-star international chain hotel in the Novena area. Despite prevailing weakness in the property market, Hiap Hoe posted an impressive 149.8 percent jump in net profit to $33.3 million for the three months ended September 2013 on the back of a 98.6 percent increase in revenue to $81.1 million. Besides his role at the property company, Teo was appointed executive chairman of Superbowl Holdings last year, from his position as CEO and executive director.
Company:Hiap Hoe Group