Record Construction Orderbook, New Dorm, Aussie Landbank ... This Company's Growth Drivers Are Multifold

Wee Hur Holdings delivered a robust set of results for FY2025, driven by strategic capital recycling and a burgeoning construction order book.

The Singapore-listed property and construction firm reported a 47% year-on-year revenue surge to S68.4 million.

Stripping out fair value and one-off non-cash items, adjusted core earnings skyrocketed 130% to S$105.5 million.

Item	FY2025 (S$’000)	FY2024 (S$’000)	Change (%)
Revenue	295,439	200,794	47.1%
Gross profit	135,717	83,009	63.5%
Gross profit margin	45.9%	41.3%	4.6 pts
Share of (loss)/profit from investments in associates and JVs	(2,062)	64,861	N.M.
Net profit	66,679	56,979	17.0%
Net profit attributable to equity holders	68,426	54,030	26.6%
Earnings per share	7.44	5.88	26.5%
Adjusted net profit¹	105,533	45,880	130.0%

¹Adjusted net profit adjusts for other gains and losses, other income – others, and share of profit/(loss) from associates and joint ventures

2025 saw Wee Hur make a partial exit from its Purpose-Built Student Accommodation (PBSA) Fund I—which netted $38.4 million performance fee—and a fresh $250.8 million.

Its construction order book also reached a record $935 million year-to-date 2026 following substantial new public housing and international school contracts.

While usually viewed as a construction player, Wee Hur has made inroads into a broader play.

As CGS International analyst Natalie Ong titled her report, Many irons in the fire, Wee Hur is busy on multiple fronts: "Management aims to win 1-2 more construction projects, rebuild its PBSA portfolio and unlock its Australian property development portfolio in FY26F"

WH overview3.26

The Bull Case: Land, Asset-Light Funds, and Disciplined Returns

Chief Investment Officer Goh Wee Ping pointed to the development of new recurring income streams at Wee Hur.

GohWeePing4.25 Goh Wee Ping, Chief Investment Officer, Wee Hur Holdings."Generally for real estate, your horizon is usually five to seven years. We don't buy a building and get the 3% yield. We're not paid to do that...

"On an ROE basis, we try to do on a bad year, 9-10%, on a good year, we see whether we can do mid-teens," he said regarding the group's target Return on Equity (ROE) for real estate investments.

A significant future growth driver lies in Australia, where Wee Hur is expanding its greenfield land subdivision pipeline.

Obtaining development approvals on raw land allows Wee Hur to capture enormous value uplift before bringing in partners.

He referenced projects like the 2,000-lot Cryna development currently seeking approvals, hoping for success by 2H2026.

At Lowood One, development approval was obtained for 358 residential lots, and Wee Hur will commence physical infrastructure works—such as building roads and sewers—in 1H 2026.

The ultimate goal is to "sell the individual lots" and bring in a JV fund or partner, so "we don't really need to come up with more cash".

Via its subsidiary and JV network, Wee Hur owns a land bank in Queensland, Australia, designated for residential development and land subdivision projects
Project Name	Type	Scale / Capacity	Status & Key Milestones
Cryna (I, II, III)	Land Subdivision	~2,000 residential lots	Development Approval (DA) targeted for 2H2026.
Lowood One	Land Subdivision	358 residential lots	DA obtained; infrastructure works (roads/sewers) to start in 1H2026.
Park Central Brisbane	Mixed-use / PBSA	1.3 hectares	“Refining” 2024 DA in 2026; assessing feasibility for a 600+ bed student housing project.

Mr Goh pointed out that much of the value created in these land subdivision projects is not evident in the current financial statements.

He noted, "from an accounting point of view, you can't really see all these projects... until something happens, like a divestment or someone coming in a joint venture and equalise our stake, and then you will see that coming up in our P&L".

Simultaneously, Wee Hur is transitioning its highly successful Australian student housing platform toward an asset-light fund management model.

Following the lucrative Fund I exit, Mr Goh said the theme for this year is to "double down on our expertise and sharpen" while actively "looking at another overseas market" to export their operational track record.

BOTTOMLINE

During the earnings briefing, analysts quizzed the group's workers' dormitory operations—a massive cash generator for the firm.

On the looming lease expiry (end-Oct 2026) of the 15,744-bed Tuas View Dormitory, Goh Cheng Yu, CEO of Wee Hur Development, said, "We are still in talks with the authorities... at this juncture, there is no commitment. But it should look promising".

If the lease gets renewed, upgrades to the facility will not incur significant capital expenditure because the site already satisfies the government's dormitory transition scheme up to 2030.

Pioneer LodgeWH3.26

The pricing of beds at the newly launched 10,500-bed Pioneer Lodge (Wee Hur's other dormitory) hovers at $510-$530 per month — slightly above Tuas View's $480 to $500 range.

It appears to reflect a "marketing strategy" to ramp up commitments, resulting in occupancy commitments reaching 67% recently/

"It wouldn't be too difficult for us to lease out the entire dorm and be full by the end of this year," said Mr Goh Wee Ping.

For perspective, the workers' dormitory segment (primarily Tuas View Dormitory) generated S$92.7 million in FY2025 revenue (up 10% YoY, with some initial Pioneer Lodge contribution).

Wee Hur is keen on future land tenders for dormitories while noting that competition and the emergence of new players have intensified.

→ See Wee Hur's FY25 results Powerpoint deck here and CGS' report here.

→ Also, WEE HUR: 10,500-bed workers' dormitory to open soon: Another golden goose for this company