Mainboard-listed property group Ho Bee Investment says net profit attributable to shareholders decreased 61% from $99.3 million in the previous year to $38.8 million, yielding 5.3 cents per share. Group turnover was 53% lower, from $209.2 million to $98.9 million, as a result of the higher revenue recognition from development properties in the same quarter last year.

Revenue from property development for the third quarter of 2010 amounted to $90.2 million, 55% lower than the corresponding period last year. For the nine-month period, revenue decreased 61% to $402.6 million compared to $1.04 billion in the preceding year. This was due mainly to the higher revenue recognition last year with the completion of three residential projects, The Coast and Paradise Island in Sentosa Cove and Orange Grove Residences.

The group’s revenue from property investment for the third quarter and first nine months of 2010 rose 24% and 30% to $6.8 million and $19.3 million respectively compared to the same period last year. This was attributed to the rental generated from three industrial buildings which were reclassified from development properties to investment properties since the previous quarter and the increase in rental income from the group’s other industrial spaces.

Notwithstanding the expected slowdown in the property market, Chua Thian Poh, Chairman & CEO of Ho Bee Group, is confident that group’s results for the year will remain positive.