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Wee Hur Holdings Ltd is listed on the Singapore Exchange Main Board since 2008. We have been progressing well since then and now our core business has been expanded from Construction to Property Development and Dormitory. We have also ventured beyond Singapore.
 

Our History
The history of the Group dates back to 1980 when Mr Goh Yeow Lian, our Executive Chairman and Managing Director established 'Wee Hur Construction Co' with his brothers , Mr Goh Yeu Toh, Mr Goh Yeo Hwa , Mr Goh Yew Tee and brothers-in-law, Mr Sua Nam Heng and Mr Cheng Kiang Huat. The partnership company was subsequently incorporated as 'Wee Hur Construction Pte Ltd' in 1988 to cater to its growing business.


Through the years, the company grew from strength to strength, handling construction projects of higher values and greater diversity and complexity.

In mid January 2008, the company underwent a restructuring exercise where Wee Hur Construction Pte Ltd became as a wholly owned subsidiary of Wee Hur Holdings Ltd which was later listed on Singapore Exchange Mainboard on 30 January 2008.


Local Property Development Business
In order to enhance shareholders' value after listing, we explored various business opportunities besides organic growth of our construction business. We decided to venture into property development as a natural progress along our value chain and obtained shareholders' mandate in May 2009. Wee Hur Development Pte Ltd, the property development arm of the Group was incorporated in June 2009.

In July 2009, we successfully secured a land parcel in Woodlands industrial Park E5 under Government land sales (GLS) programme. The land parcel was developed into a multi-users industrial development which comprises 469 units of strata titled units. The development, Harvest@Woodlands was fully sold in 2011 and obtained its Temporary Occupation Permit ("TOP") in 2012.

In 2010, we completed the acquisition of 70% stake in Villas@Gilstead Pte Ltd which has undertaken residential development comprising 18 units of landed cluster housing at Gilstead Road. The development, Villas@ Gilstead was our first residential project and was fully sold and obtained TOP in 2011.

Following the good take up rates at Harvest@Woodlands, we had successfully secured another industrial land parcel in Kaki Bukit Industrial Park in 2010. The multi-users industrial development, Premier@Kaki Bukit comprises 482 units strata titled units was fully sold in 2015 and obtained TOP in 2014.

In 2010, we acquired our second land parcel along Lorong Ah Soo for residential development. The development, Urban Residences, which comprises 47 dwelling units was fully sold and obtained TOP in 2014.

In 2011, we also completed the purchase of two blocks of existing buildings which the Group currently occupies. The two properties also serve as our land bank for industrial or residential development in future.

The success of our two large scale industrial projects and two small size residential projects provided us a platform to look for land parcels for sizable residential developments. On 15 December 2011, we emerged the top bid in a GLS land tender for a residential land parcel at Junction of Punggol Central and Punggol Place. This land parcel was developed into our first large scale residential development which comprises 618 dwelling units ranging from one bedroom to 5 bedrooms and penthouses. The development, Parc Centros, located just 200 metres away from the Punggol MRT station and Waterway Point Shopping Mall was fully sold in 2015 and obtained TOP in May 2016.

On 4 September 2012, we surprised the market with the collective purchase of Thomson View for S$590 million via en bloc purchase. The purchase was made together with our 49% stake partner, Lucrum Capital. Unfortunately, the purchase was rejected by The High Court on 4 September 2013.

On 4 July 2014, we were awarded the tender for an industrial land parcel at Woodlands Avenue 12 by Urban Development Authority. With the land size of 39,229 square metres and Gross floor area of 98,072 square metres, it was one of the largest industrial land parcel sold by the Government in recent years and also our largest industrial development till date. The development, MEGA@WOODLANDS is a modern 8-storey ramp-up/flatted industrial building for B1 clean and ligjt and B2 general industry consisting of 512 strata titled industrial units.

In 2015, we obtained the permit to launch MEGA@WOODLANDS and so far, the sales of units of this project have been encouraging since the launch in January 2016. Construction work has commenced in April 2015 and is expected to complete by end 2017.
 

Overseas Property Development and Investment Business
In view of challenging local real estate market, we started to explore overseas business opportunities at the beginning of 2014.

In August 2014, we entered into two agreements with four individuals in relation to a proposed investment of 37% stake in two projects in Huai'an, Jiangsu, PRC. In February 2015, the agreements pertaining to the above proposed investment were terminated as the proposed investment did not take off.

In December 2014, we acquired three parcels of land totalling 1.69 hectares in Brisbane, Australia for A$51.3 million (approximately $55.2 million), marking the Group's first foray into property development in Australia. We may acquire an additional 2,194 square metres of land for A$5.2 million (approximately $5.6 million) at a later date, bringing the total acquisition amount to A$56.5 million (approximately $60.8 million) and the total land area to 1.91 hectares. These lands are located at Woolloongabba, suburb of Brisbane.

In second half of 2015, we have commenced construction on one of the three parcels of land (Plot 1) and it is expected to complete by end 2017. We are building the largest purpose-built student accommodation in Brisbane, which will consist of 1,578 rooms, fourteen commercial tenancies for shops and restaurants on the ground level and an expansive student communal area at the podium level. Upon completion and with a healthy occupancy rate, the student accommodation can contribute a stable source of recurring income to the Group in the long run.

The remaining two parcels of land are still in their planning stages for a mixed-use development comprising mainly residential units and sizable commercial spaces (Plot 2) and a residential apartment of 162 units with commercial spaces at ground floor (Plot 3). We target to obtain approval from the relevant authority for the proposed development by end of 2016.

In end March 2016, we completed the acquisition of a 13,851 square metre commercial office building near King George Square Station in the central business district of Brisbane. The property will contribute recurring income as part of the Group's diversification effort. There is also a potential to redevelop this property into a high-rise residential or a mixed-use development with residential and commercial components.
 

Construction Business
Our construction business which has been with us since 1980 has also made remarkable growth since listed. The revenue rose from S$127 million in 2008 to S$250 million in 2014. We have made our foray in the public housing sector in 2009 and so far we have secured Built-To-Order projects for more than 4,500 units. Besides our own development projects, we have completed Trilight, largest high-end condominium for Ho Bee Group, JCube, our first shopping mall project for Capitaland Group, Parkview Eclat, a high-end condominium project for Stream Ahead, Studio M Hotel for CDL Group as well as DBS Asia Hub, Standard Chartered@Changi, Unilever and Fusionopolis for Ascendas Group.

In 2015, we secured two new projects, the Group's own industrial property development project, MEGA@WOODLANDS and a contract for additions, alterations and extension to existing 3-storey church building at Margaret Drive, Church of Our Saviour.

In April 2016, we have been awarded a S$82.2 million contract by HSBC Institutional Trust Services (Singapore) Limited, as trustee of Mapletree Logistics Trust, a public listed REIT on the SGX-ST. This project involves the design and construction of a single user 5-storey warehouse with an industrial canteen at 76 Pioneer Road.

Together with current projects, Matilda Court and Fernvale Riverwalk, our construction order book stood at an estimated S$310.9 million as of 18 April 2016, which will provide the Group with a continuous flow of activity through FY2018.

 

Dormitory Business
Besides property development business and construction business, we have also ventured into dormitory business by taking a 60% stake in Active System Engineering Pte Ltd ("ASE") in 2013. ASE builds and operates a dormitory complex ,Tuas View Dormitory at Tuas South Avenue 1 which comprises 16,800 beds to cater to foreign workers from process, marine, manufacturing and construction industry. This venture will provide us a steady stream of income in years to come. The dormitory has started operation of its Phase 1 in August 2014.

In February 2015, Phase 2 of Tuas View Dormitory obtained TOP and commenced operation. SInce, this mega complex has been in full operation and its occupancy is approximately 86% as at May 2016.

 

Financial Performance
We have shown a stellar financial performance with a total net profit attributable to shareholders of S$299 million from 2010 to 2015. We have rewarded shareholders by giving out a total dividend of S$14 million (including proposed final dividends for FY2015 which are subject to shareholders' approval) which represents a 29% dividend payout ratio.

Our share capital has enlarged from S$27 million during IPO to S$126 million at end of 2015 from conversion of warrants. With the retained earnings, the equity attributable to shareholders has also increased from S$35 million during IPO to S$332 million at end of 2015.

Please refer to our latest financial result annoucement for more details.
 

Awards
The Group was selected to be among Forbes Asia's 200 Best under a Billion for 2013 and 2015. Besides, we were selected to be among Top 100 Singapore Brands in 2012, 2013, 2014, 2015 and 2016 by Brand Finance.