SMID Research · Singapore & Asia small-mid cap library

Ho Bee Land

Listed in Singapore · Property investment and development

SGX: H13 · Information cut-off 9 September 2026

Latest financial period1H2026 · unaudited
RevenueS$230.5m
Group cash · 30 June 2026S$223.7m
Current borrowings · 30 June 2026S$928.8m

Investor snapshot

Business model

Ho Bee Land owns business premises earning rent and service charges, and develops property and serviced land for sale.

Latest figures

In 1H2026 revenue was S$230.5m and operating cash flow S$136.9m before financing-classified cash interest of S$58.0m; at 30 June group cash was S$223.7m against S$928.8m of current borrowings.

Main risk

The central risk is that refinancing and development settlements arrive after cash is needed, while group balances do not establish the issuer's accessible liquidity.

Next proof

The next test is dated bank refinancing and committed-facility evidence, unrestricted cash by legal entity, and the next results' settlement and cash-flow bridge.

Evidence balance

The live questionCan rental cash, development settlements and refinancing meet debt payments at the legal entity that owes them?At 30 June 2026, reported group cash of S$223.7m sat alongside S$928.8m of current borrowings, making payment timing and cash accessibility the immediate funding questions.

What improved

The rental and development activities both produced positive reported segment operating profit, and operating cash flow of S$136.9m remained positive after subtracting financing-classified cash interest of S$58.0m.

What became more demanding

Group cash cannot simply be treated as issuer cash: company-only cash was S$47.474m, and land, joint-venture and redevelopment spending compete with debt payments for funds at different entities.

Strongest alternative explanation

A current borrowing balance is an accounting classification rather than proof of a failed refinancing; operating receipts, committed facilities or completed refinancing could bridge maturities when their availability and timing are evidenced.

The decisive missing fact

A dated schedule of bank maturities and completed or committed refinancing, with unrestricted cash mapped to each borrower and the timing of project funding, would make the liquidity position auditable.

Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.

Behind the lock: private research

The private research record contains the equity and credit reports, model, presentation and source register. Access is restricted.

On this page

Business anatomy · operations, customers and cash

Rental premises and development land earn differently

Tenants pay for the use of premises; property buyers settle after land and development spending. Funding access depends on the legal entity and its restrictions.

Compare the business lines; dated mix appears only where reported segments map cleanly to a card.

  1. Business lineRental premises

    Lease business premises

    1H2026 segment mix DRevenue 51.7% · segment operating profit 77.2%1H2026 interim statements, physical pages 11–12

    What happensHo Bee supplies office premises to business tenants in Singapore and the UK.

    How it earnsTenants pay rent and service charges while using the premises.

  2. Business lineDevelopment land

    Develop land before settlement

    1H2026 segment mix DRevenue 48.3% · segment operating profit 22.8%1H2026 interim statements, physical pages 11–12

    What happensLand, approvals and construction spending precede the sale of development property and serviced lots.

    How it earnsProperty buyers pay development-sale proceeds at the relevant contractual settlement.

  3. Customer deliveryProperty settlement

    Transfer property to the buyer

    What happensThe buyer receives the contracted property at settlement; cash timing differs from recurring rent.

    Revenue triggerSettlement receipts follow earlier land and development spending.

Original SMID Research comic. AI-assisted, analyst-directed monochrome artwork depicts the evidenced operating steps of Ho Bee Land; deterministic captions and dated mix figures state the economics using issuer disclosures available to 2026-09-09. The drawings are representative—not issuer artwork, an exact product or site design, a statement of scale, or a company forecast.

Investor translation

What matters after the operating picture

Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.

Value lever
Rental income and development settlements after operating costs, interest and the capital invested in each property.
Cash bottleneck
Land, construction and redevelopment spending precede settlement or rental income; cash may sit in restricted entities.
Balance-sheet pressure
Accessible issuer cash and committed refinancing fail to meet due debt, interest and project commitments.
Next proof
Dated bank maturity and refinancing evidence, unrestricted cash by entity, and cash generated after interest.
Text version of this comic
  • Business line · Lease business premises Ho Bee supplies office premises to business tenants in Singapore and the UK. Reported mix: 1H2026 revenue 51.7%; segment operating profit 77.2% (D).How it earns: Tenants pay rent and service charges while using the premises.
  • Business line · Develop land before settlement Land, approvals and construction spending precede the sale of development property and serviced lots. Reported mix: 1H2026 revenue 48.3%; segment operating profit 22.8% (D).How it earns: Property buyers pay development-sale proceeds at the relevant contractual settlement.
  • Customer delivery · Transfer property to the buyer The buyer receives the contracted property at settlement; cash timing differs from recurring rent. Revenue trigger: Settlement receipts follow earlier land and development spending.
Business and segments

Two activities, different cash timing

Reported segment contributions, 1H2026

1H2026 reported segment revenue and operating profit, S$m (R); shares calculated from the segment totals (D)
Reportable segmentRevenueRevenue shareOperating profitOperating-profit share
Property investment119.21351.7%109.13777.2%
Property development111.24448.3%32.32222.8%
Total segments230.457100.0%141.459100.0%

Source: H126, physical pages 11–12. Shares are each segment divided by the corresponding segment total, rounded to one decimal place. Segment operating profit is before the subsequent reconciliation to group profit; it is not profit attributable to shareholders. The settlement illustration is a delivery step, so no separate segment share is attached to it.

The retained 51% interest in Elementum is equity-accounted following the transaction; its gross revenue is not added to consolidated rental revenue. The investment and development activities do not imply a common unrestricted cash pool. AR25.

Investment properties

Ho Bee operates business premises and records rental and service-charge income. In 1H 2026, Singapore and UK rental and service-charge revenue were reported separately in the segment information. [H126]

Property development

Development involves land, approvals and construction before buyer settlement. The 1H 2026 segment information separately reported Australian and Singapore development sales. [H126]

Segment capital and reported operating result, 1H 2026

1H2026 reported segment assets, associates and joint ventures, liabilities and operating result, S$m (R)
Reportable segmentReportable assetsAssociates / JVsReportable liabilitiesOperating result
Property investment5,330.456156.6422,460.615109.137
Property development440.826395.285133.33732.322

Source: Ho Bee Land 1H2026 interim financial statements, physical page 11. These are reported segment measures. The statements do not disclose a fully allocated segment return-on-capital measure.

Selected operating-property register at 31 December 2025

Investment-property lettable area, effective interest, occupancy and average remaining lease term (R)
PropertyLocationLettable area (sqm)Effective interestOccupancyAverage remaining lease term
The MetropolisSingapore101,307100%94%2 years
ElementumSingapore34,79651%93%3 years
623A Bukit Timah Road petrol stationSingapore1,857100%100%22 years
The Scalpel (52 Lime Street)London36,987100%96%6 years
Ropemaker Place (25 Ropemaker Street)London55,829100%100%4 years
1 St Martin’s Le GrandLondon25,409100%26%<1 year
39 Victoria StreetLondon8,821100%100%4 years
67 Lombard StreetLondon8,612100%100%2 years
60 St Martin’s LaneLondon3,370100%100%2 years
110 Park StreetLondon2,508100%91%3 years

Area and effective interest: Ho Bee Land Annual Report 2025, physical page 73. Occupancy and average remaining lease term: Supplemental Information Memorandum, 22 June 2026, physical page 53. Elementum was reclassified as a jointly controlled entity after the 2024 disposal described in the memorandum; the table includes the asset at its disclosed effective interest, while its rental revenue is outside consolidated revenue.

The cited filings do not disclose tenant rent shares, tenant retention, effective rents, incentives, rent-free periods, tenant credit quality, or a rent roll. Occupancy measures space let; it does not reveal how much rent depends on one tenant or the incentives needed to retain it.

Customer, lease and input evidence

Ho Bee describes its investment-property activity as rental and service-charge income. The cited materials disclose occupiers and property operating measures, but do not disclose rent by tenant, customer-revenue concentration, arrears, or tenant-level renewal outcomes.

Who pays / disclosed evidenceWhat is bought or paid forMeasured operating contextWhat remains unreported
Investment-property occupiers
10 commercial/biomedical buildings in Singapore and the UK.		Rental and service-charge income reported by the issuer.At 31 Dec 2025: 95% occupancy and 3.9-year WALE, both weighted by NLA and excluding 1 St Martin’s Le Grand.No tenant rent, receivable or customer-revenue concentration.
The Metropolis, Singapore
Procter & Gamble; Shell Eastern Petroleum; CMA CGM; Modec; Huawei International.		Office-space leases; individual payment terms are not disclosed.101,307 sqm NLA; 94% occupancy; 2 years remaining lease term.6% vacancy is visible from occupancy; no largest-tenant, rent or renewal disclosure.
Elementum, Singapore
Synapxe; Ministry of Health Holdings.		Biomedical-space leases; individual payment terms are not disclosed.34,796 sqm NLA; 93% occupancy; 3 years remaining lease term.No rent share, payment security or renewal outcome.
623A Bukit Timah Road petrol station
Sinopec.		Petrol-station property lease; payment formula is not disclosed.1,857 sqm NLA; 100% occupancy; 22 years remaining lease term.No rent, escalation or customer-concentration disclosure.
1 St Martin’s Le Grand, London
Mitsui & Co.		Existing lease occupancy before the stated redevelopment.25,409 sqm NLA; 26% occupancy; <1 year remaining lease term. Excluded from portfolio occupancy/WALE because earmarked for major redevelopment.Occupancy does not establish lost rent, redevelopment cost or completion timing.
Other disclosed London offices
Spaces; Corporate Officer of the House of Commons; Arthur J. Gallagher; Macquarie Group; MUFG; W. R. Berkley; Morrison & Foerster; Britannia Financial Group.		Office leases; individual payment terms are not disclosed.Ropemaker: 55,829 sqm / 100% / 4 years; Scalpel: 36,987 sqm / 96% / 6 years (NLA / occupancy / remaining lease term).No rent allocation among occupiers or property-level renewal outcomes.

Sources: Ho Bee Land Supplemental Information Memorandum 2026, physical pages 51 and 55; Ho Bee Land Annual Report 2025, physical page 4. Occupier names identify disclosed lease counterparties only; they do not establish tenant credit quality.

Supplier and input ecosystem: bounded disclosure

Input ecosystemEvidence in the checked materialsDisclosure boundary
Land and development entryThe issuer says it conducts market research and feasibility studies before development.No land-vendor, approval, project-cost or JV-counterparty concentration is disclosed in these pages.
Construction and professional servicesCurrent development and redevelopment projects are identified.No contractor, architect, procurement, payment-term or cost-concentration evidence is identified in these pages.
Lenders and property operationsThe source identifies property investment and development as the two business segments.No lender, external property-manager, facility, management-fee or counterparty-concentration data is identified in these pages.

Sources: Ho Bee Land Supplemental Information Memorandum 2026, physical page 51; Ho Bee Land Annual Report 2025, physical page 4. “Not disclosed” records the limit of the cited pages; it is not evidence that the counterparties do not exist.

The share price and what came with its moves

Q3 2023: −0.5% against the index's −0.0%Q3 23Q4 2023: −2.7% against the index's +0.7%Q4 23−2.7%Q1 2024: −4.0% against the index's −0.5%Q1 24−4.0%Q2 2024: +9.9% against the index's +3.4%Q2 24+9.9%Q3 2024: +4.9% against the index's +7.6%Q3 24+4.9%Q4 2024: −5.2% against the index's +5.6%Q4 24−5.2%Q1 2025: −0.5% against the index's +4.9%Q1 25−0.5%Q2 2025: +14.1% against the index's −0.2%Q2 25+14.1%Q3 2025: +7.4% against the index's +8.5%Q3 25+7.4%Q4 2025: +1.4% against the index's +8.0%Q4 25+1.4%Q1 2026: −4.5% against the index's +5.1%Q1 26−4.5%Q2 2026: −1.0% against the index's +5.8%Q2 26−1.0%Q3 2026: −0.5% against the index's +11.5%Q3 26−0.5%2023–24 rangeRise to February 2026Pullback1.61.82.02.22.411 Jan 2024: FY2023 profit guidance: the group expected its net loss to widen versus 1H2023.26 Feb 2024: FY2023 revenue rose 2% to S$444.9m, while loss attributable to owners was S$259.8m versus a S$165.9m profit a year earlier.15 Mar 2024: Tianjin query response: the 49%-owned project’s 752 units were fully sold in 1Q2024.4 Jul 2024: Ho Bee priced S$160m of 4.35% green notes due 2029.11 Jul 2024: Ho Bee issued S$160m of 4.35% green notes due 2029.12 Aug 2024: Ho Bee sold a 49% Elementum holding-vehicle stake at an agreed S$555m property value.12 Aug 2024: 1H2024 revenue rose 48% to S$230.0m and profit attributable to owners was S$8.8m, reversing a S$155.7m loss in 1H2023.15 Jan 2025: Ho Bee made a non-binding indicative offer for AVJennings shares it did not already own.26 Feb 2025: FY2024 revenue rose 19% to S$528.0m and profit attributable to owners was S$109.6m, following a S$259.8m loss in FY2023.26 Feb 2025: Ong Chong Hua was to retire as Executive Director and COO on 28 April 2025; Federico Bianchi was appointed UK CEO effective 3 March 2025.1 Apr 2025: Ho Bee decided not to proceed with a binding AVJennings offer.14 Aug 2025: 1H2025 revenue fell 23% to S$177.7m, but profit attributable to owners rose to S$49.8m from S$8.8m in 1H2024.12 Nov 2025: Ho Bee acquired five Australian sites for approximately A$96.6m.26 Jan 2026: Ho Bee agreed to acquire the Elimbah, Queensland site for A$318.5m.28 Jan 2026: Li Xiangrun was promoted from Head of Finance to CFO, effective 1 February 2026.24 Feb 2026: FY2025 revenue declined 17% to S$440.1m and profit attributable to owners was S$100.2m, versus S$109.6m in FY2024.20 May 2026: At the April AGM, management described approximately £200m of planned capex for 1 St Martin’s Le Grand.23 Jun 2026: Ho Bee priced S$150m of 3.30% green notes due 2031.30 Jun 2026: Ho Bee issued S$150m of 3.30% green notes due 2031.4 Aug 2026: Ho Bee formed Australian joint ventures and agreed to acquire Dianella.7 Aug 2026: 1H2026 revenue grew 30% to S$230.5m and profit attributable to owners rose to S$51.1m from S$49.8m in 1H2025.1245111213141617S$2.50 · 24 Feb 26S$1.64 · 29 Feb 24
Click a quarter — on the chart or in the return strip under it — to read its filings beside its large moves.

Key: Ho Bee Land (H13) as a solid line; Straits Times Index (price index) rebased, dashed; peer median rebased, dotted; the benchmark runs off scale from Oct 25 and is clipped there; the peer median runs off scale from Mar 24 and is clipped there; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.

Key moves

The five largest moves over a day or up to two weeks, with no day counted twice.

Each move is shown next to the market over the same days (and peers, where shown). News listed with a move was published within its dates; that does not mean the news caused the move. The quarter view has all the news.

Index: Straits Times Index (price index). Peers: the median of three listed companies used as a sector check; the notes name them and their limits.

Q3 2023

11 Sep 2023 – 29 Sep 2023 (part quarter)
H13 −0.5%STI −0.0%Peer median −0.6%Range S$1.82–S$1.86Close S$1.82

Q4 2023

2 Oct 2023 – 29 Dec 2023
H13 −2.7%STI +0.7%Peer median +0.6%Range S$1.76–S$1.85Close S$1.77

Q1 2024

2 Jan 2024 – 28 Mar 2024
H13 −4.0%STI −0.5%Peer median −8.4%Range S$1.64–S$1.85Close S$1.70

Key developments

  1. 11 Jan 2024 · S$1.77 · FY2023 profit guidance: the group expected its net loss to widen versus 1H2023.

    The company attributed this mainly to non-cash London investment-property fair-value losses arising mainly from higher capitalisation rates.

    Guidance: The company said FY2023 results would be announced on or before 26 February 2024.Next session (12 Jan): H13 −0.6% · STI −0.3% · peers −1.1%

  2. 31 Jan 2024 · S$1.74 · Ho Bee established wholly owned Ho Bee Land (UK) Ltd with £50,000 registered capital.

    The filing says the UK subsidiary is 100% held and was established for ongoing business development.

  3. 26 Feb 2024 · S$1.71 · FY2023 revenue rose 2% to S$444.9m, while loss attributable to owners was S$259.8m versus a S$165.9m profit a year earlier.

    Higher Australian development sales and resilient rental income supported revenue. The release attributed the loss to S$472.2m of London fair-value losses, partly offset by a S$108.3m Singapore gain; it reported unaudited operating cash flow of S$380.5m, while the later FY2024 audited comparative was S$319.1m. Group cash was S$172.7m and borrowings S$3.06bn; net gearing was 0.80x.

    Guidance: The company said London and Singapore occupancy remained strong and its Australian development pipeline positioned it to navigate headwinds; it would remain financially prudent amid elevated rates.Next session (27 Feb): H13 −2.3% · STI −0.4% · peers −0.7%

  4. 26 Feb 2024 · S$1.71 · FY2023 valuation notice: The Metropolis was reported at S$2.213bn as at 31 December 2023.

    The landing disclosure also lists Elementum at S$483.3m and selected London property valuations.

  5. 15 Mar 2024 · S$1.65 · Tianjin query response: the 49%-owned project’s 752 units were fully sold in 1Q2024.

    The company said it reduced prices below cost amid China residential market conditions; the project had about 117,100 sqm gross floor area.

    Next session (18 Mar): H13 +0.6% · STI −0.0% · peers +0.5%

Large price moves

  • 14 Mar 2024 · +12% · index 0% · peers −1%
  • 25 Mar 2024 · −9% · index −1% · peers −1%

Q2 2024

1 Apr 2024 – 28 Jun 2024
H13 +9.9%STI +3.4%Peer median −6.4%Range S$1.77–S$2.01Close S$1.84

Key developments

  1. 17 Apr 2024 · S$1.96 · SGX remuneration query response: Ho Bee disclosed the FY2023 fixed, variable and allowance proportions for four named key management personnel.

    The second page gives each person’s reported proportion rather than a common remuneration mix. This is a governance disclosure, not an operating update.

  2. 14 May 2024 · S$1.93 · Final dividend: 3 cents per share; ex-dividend date 2024-05-14.

    The filing states a 15 May 2024 record date and 24 May 2024 payment date.

    The dividend filing was released earlier; this timeline row is dated to the stated ex-dividend date.

Large price moves

  • 31 Apr 2024 · +4% · index 0% · peers +1%
  • 44 Apr 2024 · +8% · index 0% · peers +1%
  • 5week to 5 Apr 2024 · +18% · index 0% · peers +1%

Q3 2024

1 Jul 2024 – 30 Sep 2024
H13 +4.9%STI +7.6%Peer median +6.9%Range S$1.72–S$1.93Close S$1.93

Key developments

  1. 4 Jul 2024 · S$1.86 · Ho Bee priced S$160m of 4.35% green notes due 2029.

    The filing said proceeds would fund or refinance eligible green projects under the issuer’s Green Finance Framework; the notes were expected to be issued on 11 July 2024.

    Next session (5 Jul): H13 +0.0% · STI −0.8% · peers +0.0%

  2. 11 Jul 2024 · S$1.85 · Ho Bee issued S$160m of 4.35% green notes due 2029.

    The issue filing says the notes were expected to list on SGX-ST on 12 July 2024.

    Next session (12 Jul): H13 +0.5% · STI +0.7% · peers +0.9%

  3. 12 Aug 2024 · S$1.83 · Ho Bee sold a 49% Elementum holding-vehicle stake at an agreed S$555m property value.

    The filing identifies HB Universal as the Elementum holding vehicle and the buyer as a sovereign wealth fund.

    Same session: H13 +2.2% · STI −0.8% · peers +0.0%

  4. 12 Aug 2024 · S$1.83 · 1H2024 revenue rose 48% to S$230.0m and profit attributable to owners was S$8.8m, reversing a S$155.7m loss in 1H2023.

    Development sales more than tripled to S$94.7m on Australia and Sentosa Cove, while rental income rose 8% to S$135.3m with Elementum contributions. London fair-value loss narrowed to S$11.2m. Group cash was S$117.9m and borrowings S$3.04bn; net gearing was 0.81x.

    Guidance: The company expected UK capitalisation rates to stabilise and financing costs to be lower in 2H2024 following the Bank of England rate cut, while continuing asset management and capital recycling.Next session (13 Aug): H13 +0.5% · STI +0.7% · peers +0.4%

Large price moves

  • 65 Aug 2024 · −4% · index −4% · peers −2%

Q4 2024

1 Oct 2024 – 31 Dec 2024
H13 −5.2%STI +5.6%Peer median −5.4%Range S$1.83–S$2.00Close S$1.83

Q1 2025

2 Jan 2025 – 28 Mar 2025
H13 −0.5%STI +4.9%Peer median +1.4%Range S$1.72–S$1.85Close S$1.82

Key developments

  1. 15 Jan 2025 · S$1.82 · Ho Bee made a non-binding indicative offer for AVJennings shares it did not already own.

    The proposal was A$0.70 per share, approximately A$390.7m, and subject to definitive documents.

    Same session: H13 −0.5% · STI −0.4% · peers +0.2%

  2. 26 Feb 2025 · S$1.75 · FY2024 revenue rose 19% to S$528.0m and profit attributable to owners was S$109.6m, following a S$259.8m loss in FY2023.

    Group development sales grew 39% to S$262.3m, driven by Australia, and rental income rose 4% to S$265.7m, supported by Elementum. The release’s S$17.0m London fair-value loss agrees with the later audited net Group investment-property loss of S$17.0m. Elementum’s 49% stake sale helped lift other gains. Group cash was S$183.1m and borrowings S$2.62bn; net gearing improved to 0.66x.

    Guidance: The company said Singapore and London occupancy and rental income remained healthy, but it would keep a prudent, disciplined capital-management approach amid macro uncertainty and elevated rates.Next session (27 Feb): H13 +0.0% · STI +0.3% · peers +0.0%

  3. 26 Feb 2025 · S$1.75 · FY2024 valuation notice: The Metropolis was reported at S$2.213bn as at 31 December 2024.

    The landing disclosure lists Ropemaker Place at £645m, 1 St Martin’s Le Grand at £170m and The Scalpel at £565m.

  4. 26 Feb 2025 · S$1.75 · Ong Chong Hua was to retire as Executive Director and COO on 28 April 2025; Federico Bianchi was appointed UK CEO effective 3 March 2025.

    The separate UK CEO appointment names Bianchi and says he would oversee UK operations; the combined release also named Gerald Kaye UK Deputy Chairman.

    Next session (27 Feb): H13 +0.0% · STI +0.3% · peers +0.0%

Q2 2025

1 Apr 2025 – 30 Jun 2025
H13 +14.1%STI −0.2%Peer median +5.3%Range S$1.69–S$2.10Close S$2.03

Key developments

  1. 1 Apr 2025 · S$1.81 · Ho Bee decided not to proceed with a binding AVJennings offer.

    The company said AVJennings had accepted a competing binding offer.

    Same session: H13 −0.5% · STI −0.1% · peers −0.5%

  2. 28 Apr 2025 · S$1.80 · Ong Chong Hua retired and Ko Kheng Hwa stepped down; Esmond Choo Liong Gee joined as an independent director.

    The changes took effect on 28 April 2025. Esmond Choo also became chair of the Audit & Risk Committee.

  3. 13 May 2025 · S$1.77 · Final dividend: 4 cents per share; ex-dividend date 2025-05-13.

    The filing states a 14 May 2025 record date and 23 May 2025 payment date.

    The dividend filing was released earlier; this timeline row is dated to the stated ex-dividend date.

Large price moves

  • 714 Apr 2025 · +4% · index +1% · peers +1%
  • 89 Jun 2025 · +5% · index 0% · peers −1%
  • 910 Jun 2025 · +5% · index 0% · peers 0%
  • 1011 Jun 2025 · +6% · index 0% · peers 0%
  • 11week to 13 Jun 2025 · +12% · index −1% · peers −1%

Q3 2025

1 Jul 2025 – 30 Sep 2025
H13 +7.4%STI +8.5%Peer median +33.3%Range S$1.98–S$2.28Close S$2.18

Key developments

  1. 14 Aug 2025 · S$2.08 · 1H2025 revenue fell 23% to S$177.7m, but profit attributable to owners rose to S$49.8m from S$8.8m in 1H2024.

    The company attributed lower revenue to fewer Australian development settlements and Elementum’s reclassification as a joint venture. It attributed the profit increase to recurring rental income, higher joint-venture profit and lower interest expense; London recorded a S$6.1m fair-value gain. Group cash was S$144.9m and borrowings S$2.50bn; net gearing was 0.63x.

    Guidance: The company said it would focus on active asset management and prudent capital management while exploring selective growth opportunities as conditions evolved.Next session (15 Aug): H13 −1.4% · STI −0.6% · peers −0.4%

Large price moves

  • 12week to 25 Jul 2025 · +7% · index +2% · peers +6%
  • 13week to 1 Aug 2025 · −6% · index −3% · peers −4%

Q4 2025

1 Oct 2025 – 31 Dec 2025
H13 +1.4%STI +8.0%Peer median +11.9%Range S$2.13–S$2.30Close S$2.21

Key developments

  1. 12 Nov 2025 · S$2.23 · Ho Bee acquired five Australian sites for approximately A$96.6m.

    The company stated approximately 1,079 residential lots were expected and named internal funds and bank borrowings as financing sources.

    Next session (13 Nov): H13 +0.4% · STI +0.2% · peers +0.3%

Large price moves

  • 14week to 24 Oct 2025 · +6% · index +2% · peers +5%

Q1 2026

2 Jan 2026 – 31 Mar 2026
H13 −4.5%STI +5.1%Peer median +9.3%Range S$2.08–S$2.50Close S$2.11

Key developments

  1. 26 Jan 2026 · S$2.38 · Ho Bee agreed to acquire the Elimbah, Queensland site for A$318.5m.

    The filing states 181.36 hectares, up to 1,400 residential and 64 mixed-use lots, and staged consideration payments.

    Same session: H13 +1.3% · STI −0.6% · peers +0.5%

  2. 28 Jan 2026 · S$2.48 · Li Xiangrun was promoted from Head of Finance to CFO, effective 1 February 2026.

    The filing lists financial and capital management, treasury, governance and investor relations responsibilities.

    Next session (29 Jan): H13 −0.4% · STI +0.4% · peers +0.6%

  3. 24 Feb 2026 · S$2.50 · FY2025 revenue declined 17% to S$440.1m and profit attributable to owners was S$100.2m, versus S$109.6m in FY2024.

    Elementum’s deconsolidation, lower rental income and fewer development settlements reduced revenue. Rental income fell 10% to S$239.9m and development sales 24% to S$200.1m, mainly from Australian settlements; lower financing costs supported profit. London recorded a S$3.7m fair-value gain. Group cash was S$228.7m and borrowings S$2.53bn; net gearing improved to 0.61x.

    Guidance: The company said it would retain prudent capital management, pursue portfolio enhancement, grow its Australian development pipeline, and undertake works at 1 St Martin’s Le Grand and 67 Lombard Street.Next session (25 Feb): H13 −6.4% · STI −0.3% · peers −0.4%

  4. 24 Feb 2026 · S$2.50 · FY2025 valuation notice: The Metropolis was reported at S$2.213bn as at 31 December 2025.

    The landing disclosure lists Ropemaker Place at £658m, 1 St Martin’s Le Grand at £175m and The Scalpel at £580m.

Large price moves

  • 1527 Jan 2026 · +5% · index +1% · peers +6%
  • 1625 Feb 2026 · −6% · index 0% · peers 0%
  • 17week to 6 Mar 2026 · −7% · index −3% · peers −7%
  • 1823 Mar 2026 · −4% · index −2% · peers −3%

Q2 2026

1 Apr 2026 – 30 Jun 2026
H13 −1.0%STI +5.8%Peer median −2.5%Range S$2.03–S$2.18Close S$2.04

Key developments

  1. 29 Apr 2026 · S$2.16 · Seow Choke Meng and Josephine Choo retired; Choo Yi Ming joined as an independent director.

    The changes took effect on 29 April 2026. Choo Yi Ming joined the Nominating, Remuneration and Board Sustainability Committees.

  2. 12 May 2026 · S$2.12 · Final dividend: 5 cents per share; ex-dividend date 2026-05-12.

    The filing states a 13 May 2026 record date and 22 May 2026 payment date.

    The dividend filing was released earlier; this timeline row is dated to the stated ex-dividend date.

  3. 20 May 2026 · S$2.03 · At the April AGM, management described approximately £200m of planned capex for 1 St Martin’s Le Grand.

    Management said occupancy was being run down for redevelopment. The figure is management’s project estimate, not an externally committed funding facility.

    Same session: H13 −0.5% · STI −0.5% · peers −1.7%

  4. 23 Jun 2026 · S$2.07 · Ho Bee priced S$150m of 3.30% green notes due 2031.

    The filing says proceeds would fund, finance or refinance eligible green projects under its Green Finance Framework.

    Next session (24 Jun): H13 +0.0% · STI +0.2% · peers +0.4%

  5. 30 Jun 2026 · S$2.04 · Ho Bee issued S$150m of 3.30% green notes due 2031.

    The filing says SGX-ST listing was expected on 1 July 2026.

    Next session (1 Jul): H13 +0.0% · STI −0.2% · peers −0.6%

Q3 2026

1 Jul 2026 – 8 Sep 2026 (part quarter)
H13 −0.5%STI +11.5%Peer median +7.0%Range S$2.01–S$2.09Close S$2.03

Key developments

  1. 4 Aug 2026 · S$2.04 · Ho Bee formed Australian joint ventures and agreed to acquire Dianella.

    The filing states a 50:50 Elimbah JV and a 48.6% Dianella interest; Dianella is 12.1 hectares with about 180 lots and A$48.5m consideration.

    Next session (5 Aug): H13 +0.5% · STI −0.6% · peers +0.0%

  2. 7 Aug 2026 · S$2.04 · 1H2026 revenue grew 30% to S$230.5m and profit attributable to owners rose to S$51.1m from S$49.8m in 1H2025.

    Development-property sales rose 84% to S$111.2m on higher Australian settlements; rental income increased 2% to S$119.2m, supported by The Metropolis. The company said higher tax, unrealised FX loss and lower fair-value gains affected net profit. Group cash was S$223.7m and borrowings S$2.52bn; net gearing remained 0.61x.

    Guidance: The company said it was progressing enhancement at 67 Lombard Street and preparing 1 St Martin’s Le Grand redevelopment, while exploring investment opportunities in new markets and asset classes with disciplined capital allocation.Next session (11 Aug): H13 +0.5% · STI +1.0% · peers +0.5%
Notes and sources

Share price record

How this section was built

Select a quarter to read its results, projects, financing and board announcements beside the share-price record. The window runs from 11 September 2023 to 8 September 2026. Ho Bee’s provider dividend-adjusted return was 18.0%. The line itself shows the traded close in Singapore dollars.

The register includes 12 large daily moves and six weekly windows selected by a fixed threshold and magnitude rule. Seven moved broadly with the market or property-sector controls, one followed a material filing by timestamp, and ten remain unexplained by material issuer filings. A preceding announcement is evidence of timing, not proof of causation. The controls are the STI and the same-session median of UOL, GuocoLand and City Developments; each peer’s return is listed in each row of the full move register.

How to read the tags. Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and an unchanged or thinly traded price is not proof that no information arrived. Returns use the dividend-adjusted close; a filing released after the open is read against the next session.

754 issuer sessions; daily close chart, provider dividend-adjusted returns. Price cutoff: 8 September 2026. Issuer-filing cutoff: 9 September 2026. Filing reactions use the same session for a pre-09:00 SGX release and the next session for a later release; intraday attribution is not inferred. Quarter returns use the previous quarter’s last available close; the first and last quarters are partial. Peer median is a comparison, not a traded portfolio.

The complete exact-issuer SGX listing contains 109 filings from 9 September 2023 through 9 September 2026; the timeline selects substantive developments from that record and retains the filing timestamps. Routine interest notices, meeting administration, coupons and results-date notifications are generally omitted from the timeline. Selected director notices and targeted press/broker coverage were also examined, but broker research, counterparty announcements, index changes and investor flows were not exhaustively searched. Unexplained means no supported material issuer-filing explanation was found in the stated window.

The price source is the retained normalized Yahoo Finance series. The original provider HTTP response was not retained. The STI is a price index without reinvested dividends, whereas stock and peer returns use dividend-adjusted closes; these are not matched total-return comparisons. The STI observation for 27 May 2026 is missing, so no same-session benchmark return is inferred across that gap. Neither the peer comparison nor an unexplained price rise establishes a takeover or a change in underlying value.

A quarter shows only the columns it has. An empty developments column means: No substantive development was selected from the enumerated issuer filings in this quarter. Routine ownership and administrative filings may still have been released. An empty moves column means: No daily or weekly observation met the fixed large-move selection rule in this quarter.

The full move register — every large move and its market and sector controls

All 18 mechanically selected moves, including weekly windows; returns are in percent. Left over is Ho Bee’s return minus the peer median, in percentage points, and is not a causal estimate. Market/sector classification additionally requires a same-direction control at least half as large as the issuer move and an absolute difference below 4 percentage points. Daily-move volume ratios use the full retained detection-window median; filing reaction ratios use the prior 60 observed sessions.
#SessionH13STIPeersLeft over Control resultWhat the evidence supports
14 Mar 2024+12.1%−0.4%−1.4%+13.5%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. The two consecutive sessions rose 12.12% and fell 8.65%; the subsequent reversal belongs beside the rise. UOL −3.0 · GuocoLand −0.7 · CDL −1.4
25 Mar 2024−8.7%−0.5%−0.7%−8.0%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. The two consecutive sessions rose 12.12% and fell 8.65%; the subsequent reversal belongs beside the rise. UOL +0.7 · GuocoLand −0.7 · CDL −0.9
31 Apr 2024+4.1%+0.3%+0.7%+3.5%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. UOL +1.2 · GuocoLand +0.7 · CDL +0.0
44 Apr 2024+8.3%+0.4%+0.7%+7.6%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. UOL +0.2 · GuocoLand +0.7 · CDL +1.0
5week to 5 Apr 2024+18.2%−0.2%+1.0%+17.2%ResidualNo material issuer filing was identified within this weekly window. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. UOL +0.3 · GuocoLand +2.0 · CDL +1.0
65 Aug 2024−4.4%−4.1%−2.0%−2.4%Market-wideThe STI moved in the same direction and by at least half of Ho Bee’s change; the arithmetic difference is below four percentage points. This is co-movement, not evidence of a common cause. UOL −2.1 · GuocoLand −0.7 · CDL −2.8
714 Apr 2025+4.1%+1.0%+0.7%+3.4%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. UOL +0.5 · GuocoLand +4.4 · CDL +0.7
89 Jun 2025+5.0%+0.1%−0.7%+5.7%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. A 6 June director-interest filing is relevant context, but it does not identify the buyers behind these later sessions. UOL −0.7 · GuocoLand +0.7 · CDL −1.1
910 Jun 2025+5.3%−0.1%+0.0%+5.3%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. A 6 June director-interest filing is relevant context, but it does not identify the buyers behind these later sessions. UOL +1.8 · GuocoLand +0.0 · CDL +0.0
1011 Jun 2025+5.5%−0.4%+0.2%+5.3%ResidualNo material issuer filing was identified across the preceding three trading sessions through this session. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. A 6 June director-interest filing is relevant context, but it does not identify the buyers behind these later sessions. UOL −1.3 · GuocoLand +0.7 · CDL +0.2
11week to 13 Jun 2025+11.7%−0.6%−1.1%+12.8%ResidualNo material issuer filing was identified within this weekly window. Routine filings, when present, remain in the source register. The exchange record cannot establish an unannounced cause. A 6 June director-interest filing is relevant context, but it does not identify the buyers behind these later sessions. UOL −1.1 · GuocoLand +1.4 · CDL −2.3
12week to 25 Jul 2025+6.9%+1.7%+5.5%+1.5%Sector-wideThe peer median moved in the same direction and by at least half of Ho Bee’s change; the arithmetic difference is below four percentage points. This is co-movement, not evidence of a common cause. UOL +2.8 · GuocoLand +5.5 · CDL +8.1
13week to 1 Aug 2025−6.0%−2.5%−3.5%−2.6%Sector-wideThe peer median moved in the same direction and by at least half of Ho Bee’s change; the arithmetic difference is below four percentage points. This is co-movement, not evidence of a common cause. UOL −1.1 · GuocoLand −3.4 · CDL −4.1
14week to 24 Oct 2025+6.0%+2.1%+5.0%+1.1%Sector-wideThe peer median moved in the same direction and by at least half of Ho Bee’s change; the arithmetic difference is below four percentage points. This is co-movement, not evidence of a common cause. UOL +5.0 · GuocoLand +4.4 · CDL +5.7
1527 Jan 2026+4.6%+1.3%+5.9%−1.3%Sector-wideThe peer median moved in the same direction and by at least half of Ho Bee’s change; the arithmetic difference is below four percentage points. This is co-movement, not evidence of a common cause. UOL +8.0 · GuocoLand +5.9 · CDL +2.9
1625 Feb 2026−6.4%−0.3%−0.4%−6.0%ResidualThe session followed Full Yearly Results (2026-02-24 20:39 SGT). Timing establishes sequence, not that the filing caused the price change. UOL −0.2 · GuocoLand −1.1 · CDL −0.4
17week to 6 Mar 2026−6.9%−2.9%−6.7%−0.2%Sector-wideThe peer median moved in the same direction and by at least half of Ho Bee’s change; the arithmetic difference is below four percentage points. This is co-movement, not evidence of a common cause. UOL −4.1 · GuocoLand −9.1 · CDL −6.7
1823 Mar 2026−3.7%−2.2%−2.6%−1.1%Sector-wideThe peer median moved in the same direction and by at least half of Ho Bee’s change; the arithmetic difference is below four percentage points. This is co-movement, not evidence of a common cause. UOL −4.5 · GuocoLand −2.5 · CDL −2.6

Key developments: sources, timing and notes

  • 11 Jan 2024 · FY2023 profit guidance: the group expected its net loss to widen versus 1H2023. Disclosure update Reaction (next session, 12 Jan): H13 −0.6% · STI −0.3% · peers −1.1% · 4.4× median volume Source: SGX announcement, 2024-01-11
  • 31 Jan 2024 · Ho Bee established wholly owned Ho Bee Land (UK) Ltd with £50,000 registered capital. Corporate development Source: SGX announcement, 2024-01-31
  • 26 Feb 2024 · FY2023 revenue rose 2% to S$444.9m, while loss attributable to owners was S$259.8m versus a S$165.9m profit a year earlier. Results Reaction (next session, 27 Feb): H13 −2.3% · STI −0.4% · peers −0.7% · 5.7× median volume Source: SGX FY2023 results announcement, 26 Feb 2024
  • 26 Feb 2024 · FY2023 valuation notice: The Metropolis was reported at S$2.213bn as at 31 December 2023. Disclosure update Source: SGX announcement, 2024-02-26
  • 15 Mar 2024 · Tianjin query response: the 49%-owned project’s 752 units were fully sold in 1Q2024. Corporate development Reaction (next session, 18 Mar): H13 +0.6% · STI −0.0% · peers +0.5% · 0.7× median volume Source: SGX announcement, 2024-03-15
  • 17 Apr 2024 · SGX remuneration query response: Ho Bee disclosed the FY2023 fixed, variable and allowance proportions for four named key management personnel. Management and governance Source: SGX announcement, 2024-04-17
  • 14 May 2024 · Final dividend: 3 cents per share; ex-dividend date 2024-05-14. Ex-dividend date Source: SGX announcement, 2024-02-26
  • 4 Jul 2024 · Ho Bee priced S$160m of 4.35% green notes due 2029. Corporate development Reaction (next session, 5 Jul): H13 +0.0% · STI −0.8% · peers +0.0% · 4.1× median volume Source: SGX announcement, 2024-07-04
  • 11 Jul 2024 · Ho Bee issued S$160m of 4.35% green notes due 2029. Corporate development Reaction (next session, 12 Jul): H13 +0.5% · STI +0.7% · peers +0.9% · 0.6× median volume Source: SGX announcement, 2024-07-11
  • 12 Aug 2024 · Ho Bee sold a 49% Elementum holding-vehicle stake at an agreed S$555m property value. Corporate development Reaction (same session): H13 +2.2% · STI −0.8% · peers +0.0% · 0.7× median volume Source: SGX announcement, 2024-08-12
  • 12 Aug 2024 · 1H2024 revenue rose 48% to S$230.0m and profit attributable to owners was S$8.8m, reversing a S$155.7m loss in 1H2023. Results Reaction (next session, 13 Aug): H13 +0.5% · STI +0.7% · peers +0.4% · 0.9× median volume Source: SGX 1H2024 results announcement, 12 Aug 2024
  • 15 Jan 2025 · Ho Bee made a non-binding indicative offer for AVJennings shares it did not already own. Corporate development Reaction (same session): H13 −0.5% · STI −0.4% · peers +0.2% · 0.6× median volume Source: SGX announcement, 2025-01-15
  • 26 Feb 2025 · FY2024 revenue rose 19% to S$528.0m and profit attributable to owners was S$109.6m, following a S$259.8m loss in FY2023. Results Reaction (next session, 27 Feb): H13 +0.0% · STI +0.3% · peers +0.0% · 9.5× median volume Source: SGX FY2024 results announcement, 26 Feb 2025
  • 26 Feb 2025 · FY2024 valuation notice: The Metropolis was reported at S$2.213bn as at 31 December 2024. Disclosure update Source: SGX announcement, 2025-02-26
  • 26 Feb 2025 · Ong Chong Hua was to retire as Executive Director and COO on 28 April 2025; Federico Bianchi was appointed UK CEO effective 3 March 2025. Management and governance Reaction (next session, 27 Feb): H13 +0.0% · STI +0.3% · peers +0.0% · 9.5× median volume Source: SGX announcement, 2025-02-26 · SGX UK CEO appointment, 26 February 2025
  • 1 Apr 2025 · Ho Bee decided not to proceed with a binding AVJennings offer. Corporate development Reaction (same session): H13 −0.5% · STI −0.1% · peers −0.5% · 2.8× median volume Source: SGX announcement, 2025-04-01
  • 28 Apr 2025 · Ong Chong Hua retired and Ko Kheng Hwa stepped down; Esmond Choo Liong Gee joined as an independent director. Management and governance Source: SGX announcement, 2025-04-28
  • 13 May 2025 · Final dividend: 4 cents per share; ex-dividend date 2025-05-13. Ex-dividend date Source: SGX announcement, 2025-02-26
  • 14 Aug 2025 · 1H2025 revenue fell 23% to S$177.7m, but profit attributable to owners rose to S$49.8m from S$8.8m in 1H2024. Results Reaction (next session, 15 Aug): H13 −1.4% · STI −0.6% · peers −0.4% · 2.8× median volume Source: SGX 1H2025 results announcement, 14 Aug 2025
  • 12 Nov 2025 · Ho Bee acquired five Australian sites for approximately A$96.6m. Investment and funding Reaction (next session, 13 Nov): H13 +0.4% · STI +0.2% · peers +0.3% · 0.2× median volume Source: SGX announcement, 2025-11-12
  • 26 Jan 2026 · Ho Bee agreed to acquire the Elimbah, Queensland site for A$318.5m. Investment and funding Reaction (same session): H13 +1.3% · STI −0.6% · peers +0.5% · 9.9× median volume Source: SGX announcement, 2026-01-26
  • 28 Jan 2026 · Li Xiangrun was promoted from Head of Finance to CFO, effective 1 February 2026. Management and governance Reaction (next session, 29 Jan): H13 −0.4% · STI +0.4% · peers +0.6% · 4.2× median volume Source: SGX announcement, 2026-01-28
  • 24 Feb 2026 · FY2025 revenue declined 17% to S$440.1m and profit attributable to owners was S$100.2m, versus S$109.6m in FY2024. Results Reaction (next session, 25 Feb): H13 −6.4% · STI −0.3% · peers −0.4% · 11.1× median volume Source: SGX FY2025 results announcement, 24 Feb 2026
  • 24 Feb 2026 · FY2025 valuation notice: The Metropolis was reported at S$2.213bn as at 31 December 2025. Disclosure update Source: SGX announcement, 2026-02-24
  • 29 Apr 2026 · Seow Choke Meng and Josephine Choo retired; Choo Yi Ming joined as an independent director. Management and governance Source: SGX announcement, 2026-04-29
  • 12 May 2026 · Final dividend: 5 cents per share; ex-dividend date 2026-05-12. Ex-dividend date Source: SGX announcement, 2026-02-24
  • 20 May 2026 · At the April AGM, management described approximately £200m of planned capex for 1 St Martin’s Le Grand. Investment and funding Reaction (same session, order not established): H13 −0.5% · STI −0.5% · peers −1.7% · 5.2× median volume Source: SGX AGM minutes filing, 20 May 2026 · 38th AGM minutes, physical page 9
  • 23 Jun 2026 · Ho Bee priced S$150m of 3.30% green notes due 2031. Investment and funding Reaction (next session, 24 Jun): H13 +0.0% · STI +0.2% · peers +0.4% · 0.0× median volume Source: SGX announcement, 2026-06-23
  • 30 Jun 2026 · Ho Bee issued S$150m of 3.30% green notes due 2031. Investment and funding Reaction (next session, 1 Jul): H13 +0.0% · STI −0.2% · peers −0.6% · 0.0× median volume Source: SGX announcement, 2026-06-30
  • 4 Aug 2026 · Ho Bee formed Australian joint ventures and agreed to acquire Dianella. Investment and funding Reaction (next session, 5 Aug): H13 +0.5% · STI −0.6% · peers +0.0% · 0.8× median volume Source: SGX announcement, 2026-08-04
  • 7 Aug 2026 · 1H2026 revenue grew 30% to S$230.5m and profit attributable to owners rose to S$51.1m from S$49.8m in 1H2025. Results Reaction (next session, 11 Aug): H13 +0.5% · STI +1.0% · peers +0.5% · 8.2× median volume Source: SGX 1H2026 results announcement, 7 Aug 2026
Historical record

A long record with changing scale and mix

These six selected annual observations show how the scale of reported revenue, profit, cash and debt changed over time. Amounts are S$m; operating cash flow is as reported and can move with working capital.

Selected annual financial-spine rows
FYRevenuePATMIOwners’ equityOperating cash flowCashDebt
2006
[AR-FY2007]		393.198.6500.6(66.7)166.3387.0
2009
[AR-FY2010]		1,159.2337.01,196.2963.2171.7409.5
2013
[AR-FY2014]		139.3591.82,330.868.6117.6469.5
2018
[AR-FY2019]		196.8270.03,285.5220.9176.32,467.8
2023
[AR-FY2024]		444.9(259.8)3,596.0319.1172.73,064.7
2025
[AR-FY2025]		440.1100.23,767.7177.1228.72,526.1

The historical spine was assembled from annual-report statements. It does not standardise for portfolio changes, valuation movements, accounting presentation changes, or cash-flow classification differences across years.

The FY2023 valuation loss and the later recovery

The original FY2023 results identified S$472.2m of unrealised losses on London investment properties, partly offset by S$108.3m of Singapore gains. The group reported a S$259.8m loss attributable to shareholders. A property valuation movement changes reported earnings and asset values without being a current cash receipt or payment; finance costs and development settlements still affect cash separately. FY2023 results and accompanying release, 26 February 2024, release physical pages 1–2.

The quarter-by-quarter record above retains figures and management statements as they were announced. Later audited statements can revise presentation or figures; the historical table uses its cited annual-report basis. This distinction matters when comparing a contemporaneous announcement with a later annual report.

Earnings quality and cash conversion

Reported operating cash flow is before financing-classified cash interest

1H 2026 cash bridge

Reported operating cash flow was S$136.9m. Cash interest paid was S$58.0m and is classified in financing activities. Subtracting it gives S$78.9m; subtracting investment-property and PPE capex of S$13.1m gives S$65.8m. The latter two figures are arithmetic labels, not issuer-defined metrics. [H126]

What the classification means

Operating cash flow cannot be read as cash available after interest when the cash-flow statement classifies paid interest in financing activities. Working-capital movements also contributed to cash generated from operations in 1H 2026. [H126]

Lease commitments and disclosed capital commitments

FY2025 undiscounted operating-lease receipts and contracted expenditure, S$m (R)
DisclosureAmountAs at
Operating-lease receipts: less than one year230.52731 Dec 2025
Operating-lease receipts: one to two years216.88731 Dec 2025
Operating-lease receipts: two to three years195.77631 Dec 2025
Operating-lease receipts: three to four years143.19231 Dec 2025
Operating-lease receipts: four to five years56.06131 Dec 2025
Operating-lease receipts: more than five years121.29031 Dec 2025
Total operating-lease receipts963.73331 Dec 2025
Contracted property-fund and notes subscriptions22.45531 Dec 2025
Contracted development expenditure38.24431 Dec 2025

Source: Ho Bee Land Annual Report 2025, physical page 62. The lease table is undiscounted contractual payments to be received after the reporting date; it is not a forecast of rental income or cash available for distribution.

Reported distribution and cash-allocation facts

Selected reported FY2025 and 1H2026 cash-allocation facts, S$m unless stated (R; one calculation labelled D)
ItemFY20251H2026Source basis
Operating cash flow177.113136.866Cash-flow statements
Cash interest paid119.59757.986Cash-flow statements; financing classification
Investment-property and PPE capex14.26813.073Cash-flow statements
Dividend paid26.56133.201Cash-flow statements
FY2025 final dividend declared33.201 (5 cents/share)—Annual-report dividend note
OCF less cash interest and IP/PPE capex (D)43.24865.807Arithmetic; not issuer-defined

FY2025 cash-flow inputs: Ho Bee Land Annual Report 2025, physical pages 39–40 and 61. 1H2026 inputs: Ho Bee Land 1H2026 interim financial statements, physical page 8. The derived row subtracts the two stated cash items from stated operating cash flow and does not represent guidance, a payout capacity, or a forward commitment.

Balance sheet, secured funding and perimeter

Group liquidity and legal-entity liquidity are not interchangeable

Published note tests and current bank balances answer different questions

The June 2026 statements report current secured-bank borrowings of S$928.179m at carrying value, within total current borrowings of S$928.8m. Company-only cash was S$47.474m. These balances do not identify exact bank principal payment dates or prove unrestricted liquidity at the borrower. H126, physical pages 5 and 19.

The programme's published financial covenants include minimum consolidated tangible net worth of S$1.5bn, maximum consolidated liabilities net of cash to tangible net worth of 1.5 times, and maximum consolidated secured debt to total assets of 0.55 times. Their legal definitions and adjustments matter: ratios made from headline interim balances are not compliance certificates or drawable bank facilities. IM24, physical pages 26–27.

30 June 2026 consolidated balance sheet

Cash and equivalents were S$223.7m; total borrowings were S$2,523.5m, including S$928.8m current borrowings. Owners’ equity was S$3,800.8m. [H126]

Company-only perimeter

At the same date, company-only cash was S$47.5m and company-only borrowings were S$438.4m. Consolidated cash therefore does not, on its own, establish cash available to the legal issuer. [H126]

Security and facilities

FY2025 disclosures reported pledged investment properties and development properties, as well as an undrawn committed revolving credit facility at 31 December 2025. The latest disclosed availability date should not be treated as a June 2026 balance. [AR25]

Funding disclosures to read with care

A dated schedule of bank principal maturities, draw conditions, covenant headroom and currency and entity allocation remains an open question in this reviewed source set. Published note covenants are a separate contractual disclosure, described above. Security can constrain the inference drawn from gross asset values. [AR25] [SIM26]

Governance and capital allocation

Control and allocation choices shape the cash path

Planned related subscriptions are not current voting control

The amended and restated 2024 pricing supplement disclosed planned related subscriptions of approximately 15.63% of that issue. This is a dated subscription intention, not a finding about current holdings. Its risk warning, and the 2026 supplemental memorandum, explain how concentrated note ownership can affect voting outcomes and secondary-market liquidity. Certain extraordinary resolutions require at least 75% of outstanding principal under the applicable provisions. Current related-party note holdings and effective voting control have not been established by this evidence set. PS24, physical pages 8–9; SIM26, physical page 14.

Disclosed control and management

The June 2026 memorandum disclosed founder Chua Thian Poh’s deemed interest at 76.06%; Nicholas Chua is the group’s chief executive officer. [SIM26]

Competing uses of capital

Debt reduction, redevelopment, land and joint-venture funding, and distributions are distinct uses of cash. Historical dividends are a record of declared distributions, not a forward commitment or a yield proposition. [AR25]

Dividends and capital recycling follow different decisions

The stated dividend policy aims for approximately 20–50% of profit after tax and minority interests, excluding fair-value changes and other non-cash exceptional items. Financial performance, capital requirements, expansion plans and board judgment also affect the decision. At the April 2026 AGM, management said it was balancing distributions with growth and debt reduction; the chairman said no share buybacks had been conducted in the preceding two years because reducing gearing had taken priority. Annual Report 2025, physical page 32; 2026 AGM minutes, physical page 9.

The 2024 Elementum transaction illustrates capital recycling: the agreed property value was S$555m, while consideration for the 49% company stake was approximately S$134m in cash. The announcement estimated a S$34.8m gain before costs and said proceeds would improve the capital structure and financial flexibility. It did not announce a matching distribution to shareholders. These amounts describe property value, equity consideration and accounting gain respectively, and are not interchangeable. Elementum transaction announcement, physical pages 2 and 5.

Management, project and funding register

Selected dated management, redevelopment and land-acquisition disclosures (R)
AreaDisclosureDate / statusReported detail
ManagementLi Xiangrun, Chief Financial OfficerEffective 1 Feb 2026Joined Ho Bee in June 2023 as Head of Finance; previously Director, Real Estate Investment Banking Asia Pacific, BNP Paribas Singapore (Apr 2014–May 2023).
ManagementFederico Bianchi, UK Chief Executive OfficerEffective 3 Mar 2025Responsible for overseeing United Kingdom operations.
Redevelopment1 St Martin’s Le GrandAGM discussion, Apr 2026Management stated it was being run down for redevelopment and referred to approximately £200m of capex.
Australia sitesFive site acquisitionsAnnouncement, 12 Nov 2025Aggregate consideration approximately A$96.6m; approximately 1,079 residential lots expected, subject to development.
QueenslandElimbah acquisitionAnnouncement, 26 Jan 2026181.36 hectares; up to 1,400 residential and 64 mixed-use lots; gross consideration A$318.5m, with staged payment terms.
Australia joint venturesElimbah and DianellaAnnouncement, 4 Aug 2026Elimbah: 50:50 with Satterley. Dianella: 48.6% effective interest; 12.1 hectares, about 180 lots, A$48.5m consideration.

UK CEO: appointment announcement. CFO: appointment announcement, physical pages 1–2. St Martin’s: 38th AGM minutes, physical page 9. Five sites: site-acquisitions announcement, physical pages 1–2. Elimbah: Queensland announcement, physical page 1. Joint ventures: Australian JV announcement, physical pages 1–2.

The supplied filings identify project consideration and selected financing sources, but do not disclose supplier concentration, construction-contract concentration, or a mitigation programme. The project-level contractor, cost-overrun and completion-risk allocation therefore cannot be inferred from the acquisition consideration.

Comparator scale context

Selected reported balance-sheet rows, S$m; purpose is property-sector context, not a performance ranking (R)
CompanyReporting dateTotal assetsInvestment propertiesDevelopment properties / inventoriesPurpose and evidence limit
Ho Bee Land30 Jun 20266,579.2735,153.845407.104 development propertiesIssuer portfolio and segment context
UOL Group30 Jun 202623,339.69812,757.3462,439.161 development propertiesSingapore property-sector balance-sheet context
GuocoLand30 Jun 202611,375.3536,864.9442,341.914 inventoriesSingapore property-sector balance-sheet context

Ho Bee: 1H2026 interim financial statements, physical pages 5 and 11. UOL: 1H2026 financial results, physical page 4. GuocoLand: FY2026 condensed report, physical page 4. Total assets show group scale, while the development column retains each filing’s definition. Ho Bee and UOL report development properties, while GuocoLand reports inventories; their project mix, ownership and accounting perimeter differ, so these balances should not be ranked as equivalent operating capital. UOL and GuocoLand provide context for the Singapore property market; their broader portfolios and financing structures differ from Ho Bee’s.

Neutral next tests

Disclosures that would sharpen the record

  • FY2026 results: no release date was established in the bounded collection; the next release can update cash, debt, operating performance and development settlements.
  • Refinancing detail: updated maturity, facility, covenant and security disclosures would clarify the relationship between reported current borrowings and available liquidity. [H126]
  • Development funding: disclosures on Elimbah and Dianella cash milestones, project borrowings, guarantees and ownership perimeter would clarify commitments. [QLD26] [WA26]
  • Operating portfolio: occupancy, effective rents, lease renewals and redevelopment milestones would make the current rental and redevelopment position easier to track. [AR25]
Unresolved questions and price-history evidence

What you can watch yourself

These dated external observations provide market context. Use the linked source to check the latest observation; issuer disclosures are needed to establish the effect on the company. No numeric watch or alert threshold is assigned.

AUD SGD noon exchange rate

Open MAS exchange rates, choose the date range and Frequency: Daily, tick Australian Dollar under S$ per 100 units and press Display; divide the quoted figure by 100 for SGD per AUD. MAS

Last recorded
0.8905 SGD per AUD, 2026-10-08
Reference
0.9126 SGD per AUD (Dated external observation retained for context; company transmission requires issuer evidence., 2026-09-08)
Threshold status
Context only; no numeric watch or alert threshold is assigned.
How often to look
weekly (the series prints daily)

What it points to. AUD weakness reduces translated positive Australian margins and asset values; local costs and debt partly offset exposure.

Direction only — this pack does not carry a coefficient from this series to reported earnings.

What it cannot tell you. FX does not reveal settlement volumes or margins; project debt and hedges can change net exposure independently.

Settled by the next issuer Australian settlement and currency-exposure disclosure. Lead time: settlement and translation dates.

Core CBD Grade A office rent

Read the Singapore Grade A office quarterly release and its Core CBD rent figure. CBRE

Last recorded
12.5 SGD per square foot per month, 2026-06-30
Reference
12.5 SGD per square foot per month (Dated external observation retained for context; company transmission requires issuer evidence., 2026-06-30)
Threshold status
Context only; no numeric watch or alert threshold is assigned.
How often to look
quarterly (the series prints quarterly)

What it points to. Weaker office rents can reduce renewal terms and increase incentives, subject to lease expiries.

Direction only — this pack does not carry a coefficient from this series to reported earnings.

What it cannot tell you. The Metropolis is at one-north; its tenant mix, effective rent and incentives can diverge from Core CBD.

Settled by the next issuer disclosure of Singapore renewals, occupancy and effective rents. Lead time: lease expiry and redevelopment timing.

City prime office rent

Open Office and read the City prime rental paragraph for the reported quarter. CBRE

Last recorded
95 GBP per square foot per year, 2026-06-30
Reference
95 GBP per square foot per year (Dated external observation retained for context; company transmission requires issuer evidence., 2026-06-30)
Threshold status
Context only; no numeric watch or alert threshold is assigned.
How often to look
quarterly (the series prints quarterly)

What it points to. Lower prime rent can reduce the achievable redevelopment rent, while legacy leases transmit at expiry.

Direction only — this pack does not carry a coefficient from this series to reported earnings.

What it cannot tell you. St Martin effective rents, incentives, area and completion may change independently of City prime asking rents.

Settled by the next issuer disclosure of effective UK rents and redevelopment progress. Lead time: lease expiry and redevelopment timing.

External observations reviewed on 2026-10-08; each has its own date above. This does not advance the company research cutoff or establish issuer funding availability. The same series across every company covered: what you can watch.

Notes and sources

What this evidence set does not establish

Disclosure gaps

Cash by legal entity and unrestricted upstreamability at June 2026 were not established. Per-asset passing rents, cost allocation, renewal terms, rent-free periods and future refurbishment NLA were also not established in the cited set. [AR25]

What the price history establishes

The quarterly price and developments exhibit now uses the complete exact-issuer SGX listing over the window. The FY2025 results were broadcast at 20:39 SGT on 24 February 2026, before the following session’s decline. That establishes the sequence, while market prices alone cannot establish causation or an undisclosed transaction.

Source coverage, corrections and cutoff

Download

A print-ready PDF of this page, for reading away from the screen: Ho Bee Land evidence library (PDF). It carries the same content as this page — the two activities and their cash timing, the share price and developments, the long record, operating cash flow before financing-classified interest, group and legal-entity liquidity, control and allocation choices, the disclosures that would sharpen the record, and what the evidence does not establish — and the same omissions: no rating, no fair value, no forecast.

Sources and corrections

Where the primary sources are filed. Ho Bee Land FY2025 annual report · Ho Bee Land 1H2026 financial statements. Exchange portals re-file and purge documents over time; the text above cites each document by name and date so it can be found again. Tables on this page as data: JSON · CSV — the page’s own as-filed and recomputed tables, cell for cell, with their section and caption.

Research checked 9 September 2026. The latest issuer financial statement in this dated snapshot is dated 7 August 2026. It is not a claim of a complete news or filing record. Corrections will be made by replacing the affected factual statement and identifying the source version used.

  1. PS24 — Amended and Restated Pricing Supplement, 9 July 2024Primary note conditions and dated issue disclosures; read with applicable supplements.
  2. IM24 — Information Memorandum, 26 June 2024Primary note conditions and dated issue disclosures; read with applicable supplements.
  3. AR25 — Ho Bee Land Annual Report 2025Primary annual-report source for FY2025 financial, property, security and accounting disclosures.
  4. H126 — Ho Bee Land 1H 2026 interim financial statementsPrimary interim source for 30 June 2026 balance-sheet, cash-flow and segment facts.
  5. SIM26 — Supplemental Information Memorandum, 22 June 2026Primary issuer / SGX-hosted memorandum used for disclosed control and funding context.
  6. QLD26 — Queensland site acquisition, 26 January 2026Primary issuer announcement.
  7. WA26 — Australian joint ventures and site acquisition, 4 August 2026Primary issuer announcement.

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News and announcements

Earlier announcements, before 9 September 2026 (15)
  1. · Series 002 - Listing Announcement 20260630 · SGX
  2. · Series 002 - Pricing Announcement 20260623 · SGX
  3. · SGX Announcement - Acquistion of Elimbah 20260126 · SGX
  4. · Chg Board Compositions · SGX
  5. · Ho Bee Land - NBIO Update Announcement 20250401 · SGX
  6. · Changes in Appointments 20250226 · SGX
  7. · FY2024 Interim FS · SGX
  8. · Ho Bee Land - NBIO Announcement 20240115 · SGX
  9. · Sovereign Wealth Fund Acquires Stake in Ho Bee Land's Landmark Biomedical Development, Elementum · SGX
  10. · Ho Bee Land's Inaugural Green Bond Issuance · SGX
  11. · Series 001 - Closing Announcement 20240711 · SGX
  12. · Series 001 - Pricing Announcement 20240704 · SGX
  13. · SGX Queries 20240417 · SGX
  14. · SGX Queries 20240315 · SGX
  15. · Profit Guidance Announcement FY2023 20240111 · SGX

Titles are from the linked SGX filing, with common words abbreviated. Summaries are written by AI and may contain inaccuracies; refer to the original announcement. Items after 9 September 2026 are not reflected in this page's analysis; earlier items are listed for reference, may not be discussed in it, and may have been updated by later announcements.