Singapore’s Wee Hur Returns to Profit With Boost From Construction and Development

Singapore developer and fund manager Wee Hur Holdings achieved a net profit of S$29.7 million ($23.4 million) in the second half of 2025, after recording a loss of S$12.5 million a year earlier, as it m0re than doubled its construction revenue and grew the top line for its development business by more than 25 percent.

Compared to a year earlier, the company grew its revenues by 52.1 percent in the six months ended 31 December to reach S$139.5 million, according to results the group filed with the Singapore Exchange late Friday.

Earnings for the full year of 2025 rose 26.6 percent year-on-year to S$68.4 million as revenue rose 47.1 percent to S$295.4 million.

“FY2025 reflects the strength of Wee Hur’s integrated real estate model,” Wee Hur executive chairman and managing director, Goh Yeow Lian said. “Our presence across construction, property development, accommodation and fund management enables us to secure new projects, participate in value creation at different stages of the real estate cycle, and strengthen revenue and earnings visibility.”

Australian Exit Boost

Besides higher margins from the group’s core businesses, Wee Hur’s bottom line benefited from a S$36.3 million increase in fund management revenue, after a fund managed by the company sold a majority stake in an Australian student housing portfolio to Greystar in April last year. 

Wee Hur said it is “well-positioned to accelerate the growth of its business”, supported by stable fund management revenues and an experienced management team.

Revenue from Wee Hur’s property development segment rose 83 percent year-on-year to S$82.9 million in 2025, driven by higher progressive recognition of revenue from its sold out Bartley Vue condominium project in central Singapore’s Joo Seng area, which reached 84.9 percent completion during 2025.

The group’s worker dormitory business saw revenue increase 10 percent over the previous fiscal year to S$92.7 million, primarily supported by stable occupancy and favourable rental rates at its 15,744-bed asset Tuas View Dormitory in Singapore’s Tuas South area, which was 95 percent occupied as of 31 December.

Wee Hur’s second purpose-built dormitory, the 10,500-bed Pioneer Lodge in the city state’s Soon Lee area, completed construction in the fourth quarter and was 67 percent occupied at year end.

Looking ahead, the company intends to capitalise on sustained demand for residential projects in Singapore and on opportunities in Australia’s student accommodation sector. 

New Projects on the Way

After teaming up with a company controlled by its largest shareholder, GSC Holdings, to acquire a residential site on Singapore’s Upper Thomson Road in October of last year, Wee Hur says it expects to launch sales for the 596-unit project in the first half of 2027 and complete construction by the first half of 2031.

That project acquisition was part of a late 2025 burst of activity by the company, which in November teamed up with Sumitomo Mitsui Financing and Leasing’s Aravest unit to acquire the former Miramar Hotel on Havelock Road for S$160 million. 

Also in October Wee Hur set up a new fund to hold a student housing project in South Australia as it steps up activity in the sector.   

“We endeavour to grow the platform in a disciplined manner to deliver sustainable, long-term value for our shareholders,” Wee Hur’s Goh said.

Shares of Wee Hur declined 3.14 percent and closed at S$0.77 on Monday while the Straits Times Index fell 2.09 percent.