Founder Chua and his son Nicholas, who is CEO, have been picking up shares in last few months

 

[SINGAPORE] Shares of Ho Bee Land jumped more than 5 per cent on Tuesday (Jun 10) after the company said founder and executive chairman Chua Thian Poh upped his stake in the real estate company over the weekend. 

 

As at 11.02 am, shares of Ho Bee Land rose 5.8 per cent or S$0.10 to S$1.99, with 413,000 shares changing hands, ShareInvestor data showed.

 

The company&rsquo s shares closed up 5 per cent, or S$0.09, at S$1.89 on Monday.

 

On Jun 5, Ho Bee Holdings, a vehicle controlled by Chua, acquired 137,900 shares for S$248,220, or S$1.80 per share, raising his stake in the company to around 75.68 per cent, from 75.66 per cent. 

 

Both Chua, 76, and his son Nicholas Chua, 49, who is chief executive officer, have been accumulating shares in the last few months. Since May 14, the elder Chua has bought a total of 366,100 shares for a total of S$652,763. This translates to an average price of S$1.783 per share.

 

Ho Bee Land holds almost S$5.2 billion in investment properties, of which S$2.8 billion worth are freehold, and is widely known as the pioneer of luxury residential developments in Sentosa Cove. Its assets include The Metropolis, a Grade A office building in the one-north commercial hub.

 

In its latest annual report, it noted that its UK portfolio of eight prime London office buildings is valued at £ 1.7 billion (S$3 billion).

 

Ho Bee Land also holds property in Australia, and 1 per cent of its portfolio is in China.

He raises his stake in the tightly held company to around 75.68%, from 75.66%

 

[SINGAPORE] Shares of Ho Bee Land, usually thinly traded, were up on Monday (Jun 9) after the company said founder and executive chairman Chua Thian Poh had upped his stake in the real estate company over the weekend. 

 

The counter opened at S$1.80 and gained as much as S$0.12 or 6.7 per cent in the morning, before closing at S$1.89, up 5 per cent on the day. Some 1.3 million shares were traded. 

 

On Jun 5, Ho Bee Holdings, a vehicle controlled by Chua, acquired 137,900 shares for S$248,220, or S$1.80 per share, raising his stake in the company to around 75.68 per cent, from 75.66 per cent. 

 

The deemed interest after the transaction comprises 500.06 million shares held by Ho Bee Holdings, 1.41 million shares held by Kingdom Investment Holdings and 1.07 million shares held by Chua&rsquo s wife, Ng Noi Hinoy. 

 

Kingdom Investment Holdings is 96 per cent owned by Ho Bee Holdings. Chua owns 82.5 per cent of the shares in Ho Bee Holdings. 

 

Both Chua, 76, and his son Nicholas Chua, 49, who is chief executive officer, have been accumulating shares in the last few months. 

 

Since May 14, the elder Chua has bought a total of 366,100 shares for a total of S$652,763. This translates to an average price of S$1.783 per share.

 

Nicholas Chua, who was named CEO in 2022 and also serves as Ho Bee Land&rsquo s executive director, bought some 158,000 shares in April. On Apr 17, he purchased 45,000 shares for S$80,100 at S$1.78 per share. On Apr 15, the younger Chua bought 113,000 shares for S$200,010, or S$1.77 apiece. 

 

Ho Bee Land&rsquo s current share price of S$1.89 is 66 per cent below its net asset value per share, which its 2024 annual report put at S$5.56. The counter is down 39 per cent from its all-time high of S$3.08 in April 2022. 

 

Asked on Monday whether the Chua family intends to take Ho Bee Land private, the company declined to comment. The tightly held company has been the subject of speculation about privatisation for years.

 

This year, Ho Bee Land made several changes to its board in April. 

 

Ong Chong Hua, 70, who joined Ho Bee Land in 1995, retired as executive director and chief operating officer of the company on Apr 28. He had worked closely with the Chua family to chart the group&rsquo s investment, development and marketing strategies.

 

Independent non-executive director Ko Kheng Hwa also stepped down in April 2025 after a nine-year tenure. In the same month, Esmond Choo was appointed as an independent non-executive director. 

 

A property veteran who declined to be named said that in the last few years, longstanding management staff of Ho Bee Land have been replaced by new hires. 

 

She said: &ldquo The company has been moving slowly from a family business to a more corporate structure, where the family retains ownership and management, but is also leveraging persons with industry know-how.&rdquo

 

In June 2023, former investment banker Li Xiangrun joined the group as head of finance. Roy Lim, who was previously Perennial&rsquo s head of investments, was appointed chief of staff in December 2024, while ESR Group&rsquo s former group head of human resources, Celeste Tay, was named head of people and culture in February 2025. 

 

Ho Bee Land reported a net profit of S$109.6 million for the year ended Dec 31, 2024, moving back into the black after a net loss of S$259.8 million in FY2023. The improvement was driven by the growth of development property sales in Australia and contributions from the sale of a 49 per cent stake in Elementum, the group&rsquo s landmark biomedical life-sciences development in Buona Vista, to a sovereign wealth fund. 

 

A market watcher said that post-Covid-19, Ho Bee Land&rsquo s stock likely got sold down because of its large market exposure to the UK, where the office market has been weak with workers&rsquo slow return to office.  

 

He said: &ldquo Any offer (made) has to be reasonable and fair, and close to the net asset value.&rdquo

 

He noted how interest rates are likely to have peaked and are expected to come down, and Ho Bee Land may have to pay a higher price if they wait longer.

 

&ldquo As interest rates rise, their cap rates will rise and valuations will fall.&rdquo  

 

Others do not think the recent changes in shareholding point to a privatisation offer anytime soon. 

 

Alan Cheong, Savills Singapore&rsquo s executive director of research and consultancy, said: &ldquo For an owner of a company, who knows the financial state of his whole company inside out, buying at such steep a discount is like buying another asset of the same market value at distressed prices. But because he knows his own company&rsquo s financial health full well, there is no due diligence risk.&rdquo  

 

Ho Bee Land holds almost S$5.2 billion in investment properties, of which S$2.8 billion worth are freehold, and is widely known as the pioneer of luxury residential developments in Sentosa Cove. Its assets include The Metropolis, a Grade A office building in the one-north commercial hub.  

 

In its latest annual report, it noted that its UK portfolio of eight prime London office buildings is valued at £ 1.7 billion (S$3 billion). &ldquo After a challenging period in 2023, valuations have now stabilised, with rental income holding steady at £ 88.9 million,&rdquo the company said.

 

Ho Bee Land also holds property in Australia, and 1 per cent of its portfolio is in China.

Ho Bee Land&rsquo s founder and executive chairman, Chua Thian Poh, has been increasing his stake in the company via Ho Bee Holdings since May this year.

 

Since May 14, Chua has bought a total of 366,100 shares for a total of $652,763 or an average price of $1.783 per share.

 

Chua&rsquo s latest purchase took place on June 5 when Ho Bee Holdings acquired 137,900 shares for $248,220 or $1.80 per share via market transaction.

 

The purchase brought Chua&rsquo s total stake in the company to 75.682% from 75.66% previously. The deemed interest after the transaction comprises 500.06 million shares held directly by Ho Bee Holdings, 1.41 million shares held directly by Kingdom Investment Holdings and 1.067 million shares held directly by Chua&rsquo s spouse, Ng Noi Hinoy. Kingdom Investment Holdings is 96%-owned by Ho Bee Holdings. Chua owns a 82.5% stake in Ho Bee Holdings.

 

On June 4, Chua, via Ho Bee Holdings, purchased 54,100 shares via the market for $98,668 or $1.824 per share. That transaction brought Ho Bee Holdings&rsquo stake in the company to 75.66% from 75.653%.

 

Chua&rsquo s stake before the purchases starting May 14 was at 75.6%.

 

In April, Chua&rsquo s son, Nicholas Chua, bought a total of 158,000 shares via the market on two occasions. On April 17, the younger Chua, who is Ho Bee Land&rsquo s executive director and CEO, bought 45,000 shares at $1.78 apiece. He had bought 113,000 shares on April 15 at $1.77 per share.

 

Ng, who is also Nicholas&rsquo mother, acquired 16,800 shares from the market at $1.78 apiece on April 4.

 

For the FY2024 ended Dec 31, 2024, Ho Bee Land reported earnings of $109.6 million, reversing from its loss of $259.8 million in FY2023. The higher bottomline was attributed to higher revenue and divestment gains during the year.

 

The group&rsquo s net asset value (NAV) per share as at Dec 31, 2024, stood at $5.56.

Between May 26 and 29, Ho Bee Holdings acquired 38,600 shares of the company at S$1.77 apiece. This marginally increased the deemed interest of Ho Bee Land executive chairman Chua Thian Poh, which is at 75.65 per cent. This closely followed the acquisition of 129,200 shares at S$1.75 per share between May 16 and 20.

Between May 16 and 20, Ho Bee Holdings acquired 129,200 shares of Ho Bee Land at S$1.75 apiece. This increased its deemed interest of Ho Bee Land executive chairman Chua Thian Poh from 75.63 to 75.65 per cent. Since reporting its FY2024 (ended Dec 31) turnaround net profit of S$109.7 million that was driven by increased revenue and divestment gains in late February, Chua has increased his deemed interest from 75.59 per cent. Chua noted that the group&rsquo s development projects in FY2024 saw strong demand, especially in Australia, while commercial properties in Singapore and London stayed highly occupied, ensuring steady rental income.

 

Ho Bee Land&rsquo s FY2024 revenue rose 19 per cent from FY2023 to S$528 million, boosted by contributions from Elementum. As a mixed-use 12-story development in Buona Vista, Elementum was completed at the end of FY2023 and integrates biomedical facilities, offices and retail spaces. It achieved more than 90 per cent occupancy within the first year of operations.

 

In August 2024, an Asian sovereign wealth fund (SWF) acquired a 49 per cent stake in Elementum. Beyond the deal, Ho Bee Land also formed a strategic partnership with the SWF, opening doors to wider collaboration and future growth opportunities. In FY2024, Ho Bee Land also issued its first S$160 million green bond and made solid strides in cutting emissions &ndash keeping pace with its FY2026 reduction goal.

Between May 14 and 15, Ng Noi Hinoy, the spouse of Ho Bee Land executive chairman Chua Thian Poh, acquired 43,500 shares for a consideration of S$248,981. At S$1.74 per share, this increased Chua&rsquo s deemed interest in Ho Bee Land, from 75.60 per cent to 75.63 per cent.

On Apr 15, Ho Bee Land CEO and executive director Nicholas Chua acquired 113,000 shares at S$1.77 per share. This increased his direct interest from 0.48 per cent to 0.5 per cent. Joining the group in 2002, he has played a key role over the past two decades in expanding the its development and investment presence in Singapore, Australia, China, Europe, and the United Kingdom. As CEO, Chua oversees the growth and implementation of the group&rsquo s strategies and policies and manages its development and investment portfolios.

 

FY2024 marked a significant recovery for Ho Bee Land, with a net profit of S$109.7 million, a turnaround from the net loss of S$259.0 million in FY2023. Looking ahead, Chua maintains the group will continue to adopt a prudent approach to capital management amid macroeconomic uncertainties, leveraging resilient investment portfolios in Singapore and London, a robust development pipeline in Australia, and its commitment to sustainability through initiatives such as its inaugural S$160 million green bond in FY2024. 

 

Between Apr 4 and 7, Ng Noi Hinoy, spouse of Ho Bee Land executive chairman Chua Thian Poh, acquired 100,000 shares for S$178,000 at S$1.78 a share. This slightly increased Chua&rsquo s deemed interest in Ho Bee Land to 75.6 per cent. Previously, Ng acquired 12,100 shares at S$1.95 apiece on Oct 2, 2024 22,200 shares at S$1.87 each on Sep 23 and 47,700 shares at S$1.85 a share between Sep 12 and 13.

The scheme consideration has been reduced by A$0.015 to A$0.655 a share

 

[SINGAPORE] Real estate group Ho Bee Land on Tuesday (Apr 1) said it has decided not to proceed with its offer for Australian property developer AVJennings. : A05 0% This comes after AVJennings accepted a competing binding offer.

 

In January, Ho Bee Land &ndash which indirectly holds a 5.49 per cent stake in AVJennings &ndash launched a non-binding indicative offer to acquire all the shares it does not indirectly own for A$0.70 apiece.

 

The real estate group said on Tuesday that it &ldquo values its presence in Australia and remains open to opportunities that align with its long-term business objectives&rdquo .

 

AVJennings &ndash listed on both the Singapore Exchange and the Australian Stock Exchange &ndash is controlled by real estate tycoon Simon Cheong. It has confirmed that no binding proposal has been received from Ho Bee Land, and that all discussions have been terminated.

 

In a separate announcement, the Australian property developer said it has entered into a scheme implementation deed with PM Nominees C, to acquire all its shares for A$0.655 a share by way of a scheme of arrangement.

 

PM Nominees C is an investment vehicle of two companies &ndash American real estate fund Proprium Capital Partners and Avid Property Group, an Australian residential and industrial developer controlled by Proprium.

 

In November last year, the investment vehicle submitted an unsolicited, incomplete and non-binding indicative proposal to acquire AVJennings for A$0.67 a share.

 

Following completion of extensive due diligence over the last four months, the scheme consideration has been reduced by A$0.015 to A$0.655 a share, said AVJennings.

 

The offer price of A$0.655 represents a premium of 98.5 per cent above AVJennings&rsquo closing price of A$0.33 on Nov 27, prior to the announcement of the proposal from PM Nominees C.

 

It also represents a 97.5 per cent and 103.4 per cent premium over the volume weighted average price of the shares traded for the one-month and three-month periods, respectively, prior to the initial announcement.

 

AVJennings&rsquo directors believe the revised scheme consideration provides shareholders with certainty of value at a substantial premium to its undisturbed trading levels, historical trading benchmarks, as well as precedent Australian real estate transactions.

 

The board has decided to formally agree with the scheme, following careful consideration of the revised proposal, as well as considering the fact that a binding proposal from Ho Bee Land has not been forthcoming.

 

AVJennings has been given the nod to pay a fully franked special dividend, allowing eligible shareholders to receive an additional value of up to about A$0.072 per share in franking credits.

 

The scheme consideration would be reduced by the cash amount of any special dividend paid to AVJennings&rsquo shareholders.

 

AVJennings has appointed Kroll Australia as the independent expert to prepare a report and opine on whether the scheme is in the best interests of shareholders.

 

A scheme booklet containing more detailed information is expected to be circulated to shareholders in May.

 

Ho Bee Land reverses into earnings of $109.7 million for the FY2024 ended Dec 31, 2024, as compared to a net loss of $259.8 million for FY2023. 

 

Earnings per share for FY2024 came in at 16.50 cents per share. 

 

The group&rsquo s revenue increased 19% y-o-y to $528 million, from increased development sales in Australia and the resilient rental income across the group&rsquo s property portfolio in Singapore and London.

 

Development property sales grew 39% y-o-y to $262.3 million, driven by stronger sales in Australia. The group&rsquo s rental income also increased by 4% to $265.7 million in FY2024 supported by contributions from the newly completed Elementum.

 

Other gains increased by 33% to $70.1 million, attributable to a $34.8 million divestment gain on the stake sale of Elementum and a $36.2 million remeasurement gain on the jointly-controlled entity holding Elementum. 

 

For FY2024, the share of losses of the China associates was 80% lower at $2.1 million. The higher prior losses in FY2023 included a $11.2 million provision made with respect to foreseeable losses on the Tianjin project.

 

As at Dec 31, 2024, total equity increased to $3.70 billion.

 

Total assets decreased to $6.58 billion as at Dec 31, 2024, mainly due to the Stake Sale of Elementum and development properties handed over to buyers transferred to cost of sales, partially offset by favourable pound exchange rate movement on London investment properties.

 

Total liabilities decreased to $2.88 billion as at Dec 31, 2024, mainly due to bank loan repayments, partially offset by $160.0 million green bonds issuance and unfavourable exchange rate movement on GBP-denominated bank loans.

 

&ldquo Our strong development sales and capital recycling have strengthened our financial position. The reduction of interest rates by the Bank of England, coupled with our resilient rental income, have stabilised the valuation of our London portfolio,&rdquo says Nicholas Chua, CEO of Ho Bee Land . 

 

The board recommends a first and final dividend of 4 cents per ordinary share. 

The offer trumps an existing deal made by Proprium Capital Partners and Avid Property Group

 

REAL estate group Ho Bee Land has launched a non-binding indicative offer to acquire all the shares it does not indirectly own in AVJennings for A$0.70 apiece.

 

This beats an existing offer of A$0.67 a share made by Proprium Capital Partners and Avid Property Group.

 

In November last year, AVJennings announced that it received an unsolicited, incomplete and non-binding indicative proposal from the two companies, through its investment vehicle PM Nominees C, to buy all outstanding shares by way of a scheme of arrangement.

 

AVJennings&rsquo chairman Simon Cheong said at the company&rsquo s annual general meeting on Nov 28 that Propium Capital and Avid&rsquo s proposal would &ldquo provide shareholders the opportunity to realise their investment at a price significantly above historical trading levels&rdquo .

 

The offer price of A$0.67 represents a premium of 6.3 per cent above AVJennings&rsquo last traded price of A$0.63 as at 10.59 am on Wednesday (Jan 15). On the other hand, Ho Bee Land&rsquo s offer price is a premium of 11.1 per cent above the last trading price.

 

AVJennings is listed on both the Singapore Exchange and the Australian Stock Exchange.

 

On Wednesday, the Australian-based residential property developer said that it will review the Ho Bee Land proposal against the one by Avid.

 

It added: &ldquo Ho Bee Land has also requested a period of initial exclusivity within which to undertake due diligence and negotiate and enter into a scheme implementation agreement.&rdquo

 

The total consideration of the Ho Bee Land deal would amount to about A$390.7 million (S$330.5 million).

 

Ho Bee Land currently indirectly holds a 5.49 per cent stake in the Australia-based residential property development company.

 

&ldquo The proposed transaction represents a good opportunity for the group to enhance its scale and capabilities in Australia,&rdquo said Ho Bee Land in a separate announcement on Wednesday.

 

It added: &ldquo The merged Australian business will have a stronger financial position, increased revenue potential, and enhanced business capability to compete on a national level.&rdquo

 

The proposed deal is subject to the entry into a scheme implementation deed and other definitive documents after negotiations between both companies, among other factors.

 

Ho Bee Land also noted that the proposed transaction is not expected to have a material impact on the company&rsquo s consolidated net tangible assets per share or earnings per share for the financial year ending Dec 31, 2025.

 

AVJennings also highlighted that there is no certainty that either Avid&rsquo s or Ho Bee Land&rsquo s proposal would result in a transaction.

 

The company said that it will make a further announcement regarding Ho Bee Land&rsquo s proposal once it has completed its review. It will also update its shareholders of any material developments in relation to the proposals.

On Oct 2, Ng Noi Hinoy, the spouse of Ho Bee Land : H13 0% executive chairman Chua Thian Poh, acquired 12,100 shares for a consideration of S$23,601. At S$1.95 per share, this marginally increased Dr Chua&rsquo s deemed interest in Ho Bee Land, which stands at 75.59 per cent. This followed Ng&rsquo s acquisition of 47,700 shares at S$1.85 apiece between Sep 12 and Sep 13, and 22,200 shares at S$1.87 each on Sep 23. 

On Sep 23, Ng Noi Hinoy, the spouse of Ho Bee Land : H13 -1.04% executive chairman Chua Thian Poh, acquired 22,200 shares for a consideration of S$41,514. At S$1.87 a share, this marginally increased Chua&rsquo s deemed interest in Ho Bee Land, which stands at 75.59 per cent. This followed Ng&rsquo s acquisition of 47,700 shares at S$1.85 a share between Sep 12 and 13.

The company says the deal paves the way for broader collaboration, exploring new avenues for strategic growth and development

 

HO BEE Land on Monday (Aug 12) agreed to sell a 49 per cent stake in its wholly owned subsidiary, HB Universal, at a consideration of S$134 million.

 

Completion of the deal is slated for Aug 21 this year.

 

HB Universal is a special purpose vehicle which holds Elementum, Ho Bee Land&rsquo s landmark biomedical life-science development, at 1 North Buona Vista Link.

 

The property is designed by architectural firm Skidmore, Owings & Merrill, and has a gross floor area of 445,300 square feet. Its sale consideration was based on an agreed property value of S$555 million for Elementum.

 

The buyer is a Singapore-incorporated company, Fermium 257, representing the interest of &ldquo a sovereign wealth fund&rdquo .

 

Checks by The Business Times showed that Fermium 257 is owned by Perpetual Capital VCC, an investment holding company described in Perennial Group&rsquo s FY2023 annual report as &ldquo principally backed by a sovereign wealth fund in the South-east Asian region&rdquo .

 

Perpetual Capital VCC is also a shareholder of Perennial Group and Perennial Singapore Investment Holdings.

 

Responding to queries from BT, Ho Bee Land said it was &ldquo unable to disclose the name of the sovereign wealth fund involved&rdquo in Elementum&rsquo s sale.

 

In a statement on Monday, Ho Bee Land&rsquo s chief executive Nicholas Chua said the deal represented a strategic partnership which &ldquo paves the way for broader collaboration, exploring new avenues for strategic growth and development.&rdquo