Wee Hur Holdings FY2025: Revenue +47% to S$295.4M, Pioneer Lodge Opens, Upper Thomson GLS Won, Maiden Hotel & School Investments

Wee Hur Holdings Limited (SGX: E3B) released its FY2025 Annual Report covering the year ended 31 December 2025. Revenue surged 47% to S$295.4M and profit attributable to shareholders rose 27% to S$68.4M, while adjusted net profit grew 130% to S$105.5M — reflecting the combined strength of dormitory, construction and fund management contributions alongside a landmark PBSA monetisation.

• ▸Revenue: S$295.4M (FY2024: S$200.8M; +47% YoY) — driven by stronger contributions across property development, construction, workers' dormitory and fund management, including a one-off performance fee of S$39.1M from the Fund I PBSA disposal.
• ▸Profit attributable to shareholders: S$68.4M (FY2024: S$54.0M; +27% YoY).
• ▸Adjusted net profit (excl. fair value movements and one-off items): S$105.5M (FY2024: S$45.9M est.; +130% YoY) — reflects underlying operational strength.
• ▸Operating cash flow: S$139.1M — strengthening capital recycling ability.
• ▸Total equity attributable to shareholders: S$648.4M; NAV/share: S$0.71 (stable YoY).
• ▸Fair value loss on investment properties: S$49.4M (dormitories; non-cash; FY2024: S$37.4M).
• ▸Dividend: S$0.015/share total (S$0.005 interim + S$0.01 final); total payout ~S$13.79M.
• ▸Construction order book: S$672.5M through FY2029 (FY2024: S$263.3M; +156%).
• ▸Medium Term Notes: Maiden S$500M MTN programme established; S$205M 5-year bond issued.

• ▸Fund I PBSA Disposal Completed (1 Apr 2025): Portfolio of 7 Australian PBSA assets (5,662 beds, 5 cities) transferred to Greystar following A$1.6B gross sale agreed in FY2024. Group retains 13% stake in GS Australia Student Venture I Mid Trust; received performance fee S$39.1M; average occupancy 88% in 2025.
• ▸Pioneer Lodge Opened (Jun 2025): Group's second purpose-built dormitory (10,500 beds, 39A Soon Lee Road) received partial TOP May 2025 and final TOP Oct 2025. Operations commenced Jun 2025; occupancy reached 33% at year-end, rising to 70% on committed leases. Combined dormitory investment properties carrying value: S$194.1M (FY2024: S$174.7M).
• ▸Tuas View Dormitory: Maintained high occupancy of 95% (FY2024: 93%) with stable rental rates.
• ▸Upper Thomson Road (Parcel A) Won (Oct 2025): GLS site secured via 50% JV. 596 residential units + commercial space + ECDC; GFA 53,729sqm; 99-year leasehold. Launch H1 2027; completion H1 2031. Adjacent to Springleaf MRT Station.
• ▸Wycombe Abbey School (Singapore) Commenced (2025): JV with BE Education Group to develop a K-12 co-educational day school (capacity 1,800 students) on Hougang Avenue 3. 30-year leasehold from Oct 2025; land 20,064sqm; 49% Group equity interest (60% of distributable profits). Construction underway; operations Sept 2028.
• ▸Miramar Hotel Acquired (2025): Maiden hospitality investment. Group holds 20% equity interest in CHC Holdco Limited (contractual entitlement: 37.43% of distributable profits), which owns Miramar Hotel. To be repositioned under DoubleTree by Hilton brand post-refurbishment.
• ▸CT Hub 2 Canteen Acquired (Dec 2025): Strata coffee shop unit at 114 Lavender Street #01-68; 63-year leasehold; 694sqm; carrying value S$9.5M. Classified as investment property.
• ▸Fund III Established (2025): Wee Hur PBSA Fund III established; sole asset Y Suites on Frome (708 beds, 188 Grenfell Street Adelaide); 29 storeys; construction commenced H1 2025; completion Q4 2027. Group holds 20.16% interest.
• ▸Y Suites on Margaret Opened (Feb 2025): 409-bed PBSA in Redfern, Sydney (Fund II, 30% Group interest). Achieved 70% occupancy in first operating cycle.
• ▸Bartley Vue (115 units): Achieved 100% sales rate in FY2025; construction substantially complete; TOP targeted H1 2026.
• ▸KKX Capital Established (Mar 2025): Private investment platform for middle-market businesses in Asia-Pacific. KK39 Ventures continues in venture capital, private credit and private equity.

PROPERTY PORTFOLIO SNAPSHOT (AS AT 1 APR 2026)

• ▸Singapore — Investment Properties: Tuas View Dormitory (83,973sqm land, 15,744 beds, 60%) + Pioneer Lodge (39,373sqm land, 10,500 beds, 60%) + CT Hub 2 Canteen (#01-68, 694sqm strata, 100%).
• ▸Singapore — Development: Bartley Vue (9,800sqm GFA, 75%, 99-yr LH, substantially complete) + Mega@Woodlands (98,072sqm GFA, 60%, 30-yr LH, 99% sold) + Upper Thomson Road Parcel A (53,729sqm GFA, 50%, 99-yr LH, launch H1 2027).
• ▸Singapore — JV: Wycombe Abbey School Singapore (20,064sqm land, 49%, 30-yr LH from Oct 2025, ops 2028).
• ▸Australia — PBSA (via associates): Y Suites on Margaret Sydney (1,366sqm land, 409 beds, 30%, Fund II) + Y Suites on Frome Adelaide (868sqm land, 708 beds, 20.16%, Fund III — under construction).
• ▸Australia — Development: Park Central Brisbane (13,161sqm land, 100%) + Lowood One (417,000sqm, 70%) + Cryna One/Two/Three (>1.6M sqm combined, 28% each).
• ▸Singapore — Associate: Miramar Hotel (20% equity interest via CHC Holdco, DoubleTree by Hilton rebrand).

• ▸Executive Chairman Goh Yeow Lian: S$4,045,455 FY2025 (FY2024: S$3,741,087; +8.1%). Salary 18% / Bonus 80.7% / Other 1.3%.
• ▸Deputy MD Goh Yew Tee: S$1,949,879 FY2025 (FY2024: S$1,808,905; +7.8%). Salary 23.8% / Bonus 73.7% / Other 2.5%.
• ▸ED Goh Yeo Hwa: S$1,149,196 FY2025 (FY2024: S$1,066,324; +7.8%). Salary 23% / Bonus 73.3% / Other 3.7%.
• ▸NED Goh Yew Gee: S$55,000 (directors' fees; unchanged). Lead ID Dr Foo Say Mui: S$70,000. ID Raymond Lye: S$60,000.
• ▸CIO / CEO WHCP Goh Wee Ping: Band S$2,000,001–S$2,250,000 (FY2024: S$500,001–S$1,000,000) — step-change driven by Fund I performance fee crystallisation.
• ▸Top 10 KMT (excl. directors) disclosed in bands; aggregate not disclosed per Group policy.

FY2025 was Wee Hur's most transformative year in its 45-year history. The A$1.6B Fund I PBSA disposal crystallised S$39.1M in performance fees, funded the S$205M MTN, and financed re-entry into the Singapore residential market (Upper Thomson GLS) after years of lower activity. The dormitory business proved its earnings power: Pioneer Lodge ramped to 70% committed occupancy within months of opening, and Tuas View hit 95%. The new institutional investments — Wycombe Abbey School, Miramar Hotel, CT Hub 2 — signal deliberate portfolio diversification toward stable, income-generating assets. Construction order book near-tripled to S$672.5M through FY2029. The Group enters FY2026 with the strongest balance sheet in its history.