The transaction was executed through Ho Bee Land’s wholly owned subsidiary, Elimbah Land, which disbursed A$10 million at the signing of the sale agreement. The remaining amount will be settled in installments tied to specified settlement milestones.

Ho Bee Land stated that the acquisition is consistent with its strategy to strengthen its long-term land portfolio in key Australian markets.

Last November, it acquired five properties in Australia for A$96.6 million, including three locations in Queensland and two in the southeastern region of Victoria, according to The Edge Singapore.

These purchases arise as the national median housing price in Australia reached a new high of A$1.3 million last year, fueled by robust population growth amid an influx of migrants, as reported by property platform Domain Australia.

Chua Thian Poh, who founded Ho Bee Land. Image from the NUS Chua Thian Poh Community Leadership Center's website.

Chua established Ho Bee Land in 1987, initially gaining recognition for developing high-end condominiums on Singapore's Sentosa resort island.

According to Ho Bee Land’s website, the organization possesses assets valued at approximately S$7 billion (US$5.52 billion) and boasts a portfolio of 35 developments across four nations, which includes nine premier office properties.

Its assets in Singapore comprise The Metropolis, a pair of office towers completed in November 2013 with a total gross floor area of 1.2 million square feet (111,480 square meters).

Forbes formerly placed Chua 40th on its list of the wealthiest individuals in Singapore. His net worth is projected to be US$1.5 billion as of January 27, 2026.