Wee Hur Holdings

[weijian]

This company is spreading its wings wide (although I would hope they would be more original with their alternative/private investment companies) and have shown some results. More importantly, they have also demonstrated their OPMI friendliness by sharing part of the proceeds. And together with the construction boom, this company could be a very interesting investment candidate for the medium term when it decides to do more asset recycling down the road.

MINUTES OF THE EIGHTEENTH ANNUAL GENERAL MEETING

• Managed 2 PBSA Funds with AUM of A$1.7 billion in Australia, with 6,071 beds spread across 8 assets in 5 major cities, involving both institutional and retail investors.
• Fund 1: Seven operational assets of 5,662 beds across five cities in Australia. Exited Majority Stake on 1 April 2025.
• Fund 2: One operational asset with 409 beds in Sydney, Australia, with completion in February 2025.
• Following the disposal of Fund I, the Group will continue to manage Fund II.
• On track to establish our 3rd Fund for our new PBSA development in Adelaide in 2025.

• KK39 Ventures is the alternative investment arm of Wee Hur Holdings which invests in venture capital, private equity and private credit globally.
• As at 31 December 2024, the Group has deployed a total of S$33.48 million, representing approximately 5.1% of the Group’s Net Asset Value (“NAV”).
• In addition, we expanded our allocation to private credit strategies and funds, leveraging elevated interest rate environments to capture significant opportunities.
• In 2024, the Group began exploring the private equity ecosystem, focusing on low to mid-market funds with specialist strategies in Asia-Pacific, laying the groundwork for potential investments from 2025 onwards and reflecting our commitment to a diversified and sustainable portfolio. To support this initiative, KKX Capital Pte. Ltd. was established in 2025.

https://links.sgx.com/FileOpen/WHHMinute...eID=846925

[weijian]

I once saw an interview with a person who services HNWIs. This person said that when you make some money in your life, you want to do 3 things - eat better food, take a nice vacation and send your kids to better schools.

I will be actively observing if Goh Junior is able to reduce the amount of GP capital he is targeting.

Wee Hur gears up for growth with bigger ambitions

Reflecting on Wee Hur’s first foray into student housing, Goh Wee Ping noted that the company had to contribute 60 per cent of the capital due to a lack of track record. Now, the group expects to reduce its capital commitment to 10 to 20 per cent, while attracting more institutional investors to co-invest alongside. However, he sees challenges in the Australian student housing market with more players entering the PBSA and co-living markets.

While Singapore property development was the largest revenue contributor in the first half of 2025, mainly from the Bartley Vue condominium which is expected to be completed by year-end, this contribution will taper off. “Next year, there is no more revenue pocket to be recognised so we need to look at a new pipeline,” said Goh Yeow Lian, Wee Hur has been actively tendering for land under the Government Land Sales (GLS) programme, but has yet to secure any. The older Goh highlighted that the market has now become more competitive, making it difficult to acquire land unless one is “very aggressive”.

Its Tuas View Dormitory, launched in 2014 as Singapore’s first purpose-built foreign worker accommodation, achieved an average occupancy rate of 93 per cent in 2024. For 2025, Goh Wee Ping expects occupancy and performance to remain steady or improve slightly. The group is also on track to complete its second dormitory, Pioneer Lodge, designed to house 10,500 workers. “We need to give it at least one year to stabilise and bring all the tenants so I see this is potentially going to be a huge contributor to the business, and this has quite a long runway,” the younger Goh added.

https://www.businesstimes.com.sg/compani...-ambitions

[weijian]

IMHO, this is an astute move by Wee Hur - first you participate as an LP but yet (probably) get the construction contract for the conversion.

The typical lifetime of a private fund is generally around 5-10years. The building is already quite old but has the potential for redevelopment as existing rooms are large by current standards and GFA can be increased by 50. So it is probably only a matter of time it is sold to another person who has the resources to do so and the private fund exits.

Aravest, Wee Hur complete S$160 million purchase of former Hotel Miramar Singapore

The transaction marks mainboard-listed Wee Hur’s maiden hotel investment. Its fully owned subsidiary Wee Hur Property has a “significant minority stake in the fund and is a development partner of the asset”, according to a joint statement by Aravest and Wee Hur.

The 344-room hotel, which ceased operations at the end of October, will undergo a 12-month refurbishment before opening as DoubleTree by Hilton Singapore Robertson Quay in the fourth quarter of 2026.

Aravest and Wee Hur have chosen not to embark on a substantial redevelopment of the Havelock Road property that could potentially increase the gross floor area by almost 50 per cent to 351,850 square feet (sq ft). The owners have also decided against subdividing rooms, despite the average room size of 26 square metres (about 280 sq ft) being considered generous compared with newer hotels.

Putting things in perspective, Hilton’s senior vice-president of development for Asia-Pacific, Clarence Tan, said: “There’s really not a lot more that we require out of this property, for a conversion-friendly brand like DoubleTree.” Tan noted that for any hotel investment and conversion opportunity – from one hotel chain’s brand to another’s, or from a different use to a hotel – the purchase price is a key consideration.

“The other is the return, and how quickly you can get the return.”

Asked what drew Aravest to the Havelock Road property, on a site with a remaining land tenure of only 41 years out of the original 99-year lease, Song said: “The income profile that we ultimately underwrote was very compelling. The lease is shorter than you would normally like, but that’s accounted for in the pricing. We’re more than comfortable and quite happy to be in this investment.”

Typically, investors would expect a higher yield when buying assets with shorter land leases to recoup their capital in addition to seeking a return on investment on that capital. “The biggest challenge is making sure that the income profile offsets the challenges of the short lease and the potential depreciation in capital value when you exit,” Song added.

https://www.businesstimes.com.sg/propert...-singapore