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.