Ho Bee Land FY2025: Underlying Profit +37% to S$102M, Apollo & Lunar Divested, London FV Recovery, DPS Lifted to 5¢

Ho Bee Land delivered a resilient FY2025 with net profit of S$102.4M (FY2024: S$109.7M), while underlying profit — excluding the one-off Elementum divestment gain recorded in FY2024 — surged 37% year-on-year. Revenue declined 17% to S$440.1M reflecting the reclassification of Elementum as a jointly-controlled entity, lower rental income, and fewer Australian settlements. The London investment portfolio recorded a modest net fair value gain of S$3.7M compared to a S$17.0M loss in FY2024, marking a valuation inflection. Apollo & Lunar House in Croydon were divested for S$48.8M, streamlining the UK portfolio to core City of London and West End assets. Net gearing improved to 0.61x, NAV per share rose to S$5.67, and DPS was lifted 25% to 5 cents. The Group also secured an inaugural S$460M Sustainability-Linked Loan for The Metropolis and surpassed its 18% Scope 1 & 2 emissions reduction target ahead of the FY2026 deadline. Australia remains a meaningful pipeline contributor with 3,500+ development lots and two new Victorian site acquisitions in FY2025.