Broker Name: DBS
Date of Report: February 2026 (inferred from fund launch date)
Excerpt from DBS report:
Report Summary
- Hongkong Land launched its first private real estate fund, the Singapore Central Private Real Estate Fund (SCPREF), with SGD8.2bn AUM, aiming to reach SGD15bn in five years. Hongkong Land is the fund’s largest unitholder and its General Partner and Manager.
- The company has recycled USD3.4bn in capital since 2024, achieving 85% of its 2027 target, and expanded its share buyback programme from USD350m to USD650m, now extended to June 2027.
- FY25 underlying earnings are expected to decline due to Hong Kong office rental pressure, LANDMARK retail renovation, and build-to-sell business winding down, with further China project impairments anticipated.
- Leasing in Hong Kong’s Central office market is improving, narrowing negative rental growth, and retail upgrades at LANDMARK are supporting resilience despite ongoing renovations.
- China and Macau retail malls show mixed performance, while the West Bund Central project in Shanghai sees high occupancy and further launches in 2026.
- DBS maintains a BUY rating with a higher target price of USD10.13, highlighting the positive impact of fund management, asset recycling, and buybacks on valuation, as shares now trade at a 25% discount to NAV.
Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com
