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.


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 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 is almost fully sold 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 is 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. We are developing this land parcel 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 upcoming Watertown Shopping Mall is fully sold and is expected to obtain TOP in 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 ("URA"). With the land size of 39,229 square meters and Gross floor area of 98,072 square metres, this will be one of the largest industrial land parcel sold by the Government in recent years. It is also our largest industrial development so far. We intend to develop this land parcel into a industrial complex comprises multi-users strata titled industrial units. We expect to launch the sale of this development in 2015.



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 ("BTO") 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.



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 since August 2014.



Financial Performance
We have shown a stellar financial performance with a total profit attributable to shareholders of S$277 million from 2008 to 2014. We have rewarded shareholders handsomely by giving out a total dividend of approximate S$119 million (included proposed dividends for FY2014 which are subject to shareholders' approval) which represents a 43% dividend payout ratio.

Our share capital has enlarged from $27 million during IPO to $126 million at end of 2014 from conversion of warrants. With the retained earnings, the equity attributable to shareholders has also increased from $35 million during IPO to $310 million at end of 2014.



Awards
In 2013, we received a prestigious award 'Best under a Billion' from Forbes Asia for recognition of our stellar financial performance.

In 2015, we have made it to the Forbes Asia's 200 Best under a Billion again.



Investment Beyond Singapore
In view of challenging local real estate market, we started to explore overseas business opportunities at the beginning of 2014.

In August 2014, Wee Hur 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, the Group 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. It will 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 plots are located at Woolloongabba, suburb of Brisbane. The Group intends to use these land for a mixed-use development comprising residential, retail and office units. The development will be carried out in several phases and construction is expected to commence in the second half of 2015.