Besides collecting rent, the company is an active developer too. Its privately-held subsidiary, MCL Land, for example, is a well-established developer in Singapore with names like Copen Grand, Piccadilly Grand and Leedon Green under its portfolio. The company also has a presence in eight Chinese cities including Beijing, Shanghai, Chongqing, Chengdu and Wuhan.
Hongkong Land, a property investment management and development company, is another one of our 10 real estate stock picks, given its high intrinsic value compared to its share price. A subsidiary of Jardine Matheson, Hongkong Land’s Singapore-quoted shares, as at April 18, closed at US$4.42 ($5.90), a fraction of its net asset value (NAV) of US$14.95 as at Dec 31, 2022. Just before the pandemic, the stock was trading at more than US$7 before the unrests in Hong Kong reversed the stock into negative territory.
Founded in 1889, Hongkong Land owns and manages over 850,000 sq m (9.15 million sq ft) of prime office and luxury retail assets in Asian cities such as Hong Kong, Singapore, Beijing and Jakarta. Included in its portfolio are some 450,000 sqm of prime property in Hong Kong’s Central District which includes Jardine House, One & Two Exchange Square, Three Exchange Square, The Forum and Prince’s Building. Also within its portfolio are 165,000 sq m of prime office space in Singapore. Buildings within the city-state include Marina Bay Financial Centre and One Raffles Quay.
