MR DESMOND Woon Choon Leng, an executive director at Ho Bee Investment, has raised his direct stake in the property developer this week.


He bought 100,000 shares on Wednesday on the open market at 83 cents apiece, raising his direct stake to 1.65 million shares, or 0.224 per cent of the company’s issued share capital.


This follows two purchases he made last month, when he bought 250,000 shares at 93.7 cents apiece and 150,000 shares at 95.8 cents apiece on the open market.


Mr Woon does not have a deemed stake in the company.


Earlier this month, independent director Bobby Chin Yoke Choong bought 50,000 shares at 92.5 cents apiece.


Property developers are facing challenging times given the cooling property market.


Sales of Ho Bee’s 348-unit Dakota Residences condominium are expected to start tomorrow. If the project is positively received, that would provide a catalyst for the company’s share price, said DBS Vickers Securities.


Ho Bee shares have been on a decline since reaching a high in October last year. The counter has fallen more than 44 per cent since the start of this year. It closed half a cent, or 0.61 per cent, lower at 81.5 cents yesterday.


Source: Straits Times


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