After HKL introduced a new strategy in October 2024, its share price has narrowed the discount to net asset value (NAV) by more than doubling to $8 as of May 25 from $3.89 as at Oct 29, 2024. In the same period, the price-to-NAV (P/NAV) has risen from 0.28 times on Oct 29, 2024 to 0.56 times as of May 25.
Not content with being Singapore’s largest listed property developer, Hongkong Land now aims to be an asset manager to create long-term value for investors
Hongkong Land (HKL), with investment properties last valued at US$34.6 billion ($44.2 billion) and a market cap of US$16.7 billion, is the largest listed developer on the Singapore Exchange. Within its portfolio, 53% of assets are in Hong Kong office, 13.5% in Hong Kong retail, 11.2% in Mainland China & Macau, 11.2% in property development, 9.2% in Singapore office and the rest in other assets. Since 2024, it has been headed by a Singaporean, Michael Smith, who was appointed CEO in April that same year.
