Ho Bee Land H13
SGD 1.90
+0.00% +0.00 Updated 30 Oct 2026, 17:16 SGT
Financials
Ho Bee Land Limited Annual Report 2025
Explore the statements
8 tablesStatements of Financial Position
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentSGD thousands | 49,874 | 48,523 | 1,542 | 1,470 | PDF p. 38 |
| Statements of Financial Position | |||||
| Investment propertiesSGD thousands | 5,166,879 | 5,162,566 | – | – | PDF p. 38 |
| SubsidiariesSGD thousands | – | – | 150,927 | 474,817 | PDF p. 38 |
| AssociatesSGD thousands | 34,045 | 52,013 | 4,136 | 4,136 | PDF p. 38 |
| Jointly-controlled entitiesSGD thousands | 415,419 | 512,154 | 207,759 | 310,624 | PDF p. 38 |
| Other assetsSGD thousands | 150 | 150 | – | – | PDF p. 38 |
| Financial assetsSGD thousands | 69,640 | 60,050 | 45,609 | 44,095 | PDF p. 38 |
| Other receivables, including derivativesSGD thousands | 42,147 | 60,556 | 1,942,143 | 1,879,903 | PDF p. 38 |
| Deferred tax assetsSGD thousands | 927 | 595 | – | – | PDF p. 38 |
| Subtotal (unlabelled in source)SGD thousands | 5,779,081 | 5,896,607 | 2,352,116 | 2,715,045 | PDF p. 38 |
| Current assets | |||||
| Financial assetsSGD thousands | 24,602 | – | 10,891 | – | PDF p. 38 |
| Statements of Financial Position | |||||
| Development propertiesSGD thousands | 424,925 | 439,257 | – | – | PDF p. 38 |
| Trade and other receivables, including derivativesSGD thousands | 91,674 | 60,652 | 231,850 | 137,338 | PDF p. 38 |
| Cash and cash equivalentsSGD thousands | 228,660 | 183,119 | 23,005 | 43,535 | PDF p. 38 |
| Subtotal (unlabelled in source)SGD thousands | 769,861 | 683,028 | 265,746 | 180,873 | PDF p. 38 |
| Total assetsSGD thousands | 6,548,942 | 6,579,635 | 2,617,862 | 2,895,918 | PDF p. 38 |
| Equity attributable to equity holders of the Company | |||||
| Share capitalSGD thousands | 156,048 | 156,048 | 156,048 | 156,048 | PDF p. 38 |
| Statements of Financial Position | |||||
| ReservesSGD thousands | 3,611,611 | 3,536,378 | 1,977,203 | 1,965,292 | PDF p. 38 |
| Subtotal (unlabelled in source)SGD thousands | 3,767,659 | 3,692,426 | 2,133,251 | 2,121,340 | PDF p. 38 |
| Non-controlling interestsSGD thousands | 9,638 | 12,111 | – | – | PDF p. 38 |
| Total equitySGD thousands | 3,777,297 | 3,704,537 | 2,133,251 | 2,121,340 | PDF p. 38 |
| Non-current liabilities | |||||
| Loans and borrowingsSGD thousands | 1,982,887 | 2,419,065 | 399,550 | 307,520 | PDF p. 38 |
| Statements of Financial Position | |||||
| Other liabilities, including derivativesSGD thousands | 64,616 | 41,660 | 11,671 | 5,024 | PDF p. 38 |
| Deferred incomeSGD thousands | 35,501 | 37,635 | – | – | PDF p. 38 |
| Deferred tax liabilitiesSGD thousands | 12,215 | 11,087 | – | – | PDF p. 38 |
| Subtotal (unlabelled in source)SGD thousands | 2,095,219 | 2,509,447 | 411,221 | 312,544 | PDF p. 38 |
| Current liabilities | |||||
| Trade and other payables, including derivativesSGD thousands | 94,426 | 115,696 | 16,113 | 337,894 | PDF p. 38 |
| Statements of Financial Position | |||||
| Loans and borrowingsSGD thousands | 543,243 | 205,020 | 44,016 | 112,390 | PDF p. 38 |
| Deferred incomeSGD thousands | 1,671 | 1,849 | – | – | PDF p. 38 |
| Current tax payableSGD thousands | 37,086 | 43,086 | 13,261 | 11,750 | PDF p. 38 |
| Subtotal (unlabelled in source)SGD thousands | 676,426 | 365,651 | 73,390 | 462,034 | PDF p. 38 |
| Total liabilitiesSGD thousands | 2,771,645 | 2,875,098 | 484,611 | 774,578 | PDF p. 38 |
| Total equity and liabilitiesSGD thousands | 6,548,942 | 6,579,635 | 2,617,862 | 2,895,918 | PDF p. 38 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 38 ↗
Consolidated Income Statement
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Income Statement | |||
| RevenueSGD thousands | 440,052 | 528,040 | PDF p. 39 |
| Other gains and fair value changesSGD thousands | 6,243 | 70,095 | PDF p. 39 |
| Cost of sales – residential development projectsSGD thousands | (145,591) | (207,436) | PDF p. 39 |
| Direct rental expensesSGD thousands | (32,998) | (32,463) | PDF p. 39 |
| Exchange differencesSGD thousands | (2,297) | (5,373) | PDF p. 39 |
| Staff costs and directors’ remunerationSGD thousands | (20,946) | (18,775) | PDF p. 39 |
| Other operating expensesSGD thousands | (15,498) | (15,600) | PDF p. 39 |
| Net finance costsSGD thousands | (115,172) | (153,070) | PDF p. 39 |
| Subtotal (unlabelled in source)SGD thousands | 113,793 | 165,418 | PDF p. 39 |
| Share of results, net of tax, of: | |||
| - associatesSGD thousands | 3,189 | (2,081) | PDF p. 39 |
| Consolidated Income Statement | |||
| - jointly-controlled entitiesSGD thousands | 12,552 | 5,914 | PDF p. 39 |
| Subtotal (unlabelled in source)SGD thousands | 129,534 | 169,251 | PDF p. 39 |
| Fair value changes in investment propertiesSGD thousands | 3,685 | (17,037) | PDF p. 39 |
| Profit before taxSGD thousands | 133,219 | 152,214 | PDF p. 39 |
| Income tax expenseSGD thousands | (30,827) | (42,546) | PDF p. 39 |
| Profit for the yearSGD thousands | 102,392 | 109,668 | PDF p. 39 |
| Attributable to: | |||
| Owners of the CompanySGD thousands | 100,204 | 109,555 | PDF p. 39 |
| Consolidated Income Statement | |||
| Non-controlling interestsSGD thousands | 2,188 | 113 | PDF p. 39 |
| Profit for the yearSGD thousands | 102,392 | 109,668 | PDF p. 39 |
| Earnings per share | |||
| Basic and diluted earnings per share (cents)Singapore cents | 15.09 | 16.50 | PDF p. 39 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 39 ↗
Consolidated Statement of Comprehensive Income
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Statement of Comprehensive Income | |||
| Profit for the yearSGD thousands | 102,392 | 109,668 | PDF p. 39 |
| Items that are or may be reclassified subsequently to profit or loss: | |||
| Changes in fair value of cash flow hedgesSGD thousands | (28,273) | 13,167 | PDF p. 39 |
| Consolidated Statement of Comprehensive Income | |||
| Foreign currency translation differences relating to foreign operationsSGD thousands | 7,918 | 2,328 | PDF p. 39 |
| Exchange differences on loans forming part of net investment in foreign operationsSGD thousands | 24,645 | (6,726) | PDF p. 39 |
| Share of foreign currency translation differences of equity-accounted investeesSGD thousands | (1,492) | (2,035) | PDF p. 39 |
| Share of other comprehensive income of equity-accounted investeeSGD thousands | (1,228) | – | PDF p. 39 |
| Other comprehensive income for the year, net of taxSGD thousands | 1,570 | 6,734 | PDF p. 39 |
| Total comprehensive income for the yearSGD thousands | 103,962 | 116,402 | PDF p. 39 |
| Attributable to: | |||
| Owners of the CompanySGD thousands | 101,794 | 116,379 | PDF p. 39 |
| Consolidated Statement of Comprehensive Income | |||
| Non-controlling interestsSGD thousands | 2,168 | 23 | PDF p. 39 |
| Total comprehensive income for the yearSGD thousands | 103,962 | 116,402 | PDF p. 39 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 39 ↗
Consolidated Statement of Changes in Equity — 2024
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupReserve for own shares | 2024GroupCapital reserve | 2024GroupHedging reserve | 2024GroupForeign currency translation reserve | 2024GroupRetained earnings | 2024GroupTotal attributable to owners of the Company | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statement of Changes in Equity — 2024 | ||||||||||
| At 1 January 2024SGD thousands | 156,048 | (67,796) | 791 | (9,345) | (117,664) | 3,633,933 | 3,595,967 | 14,088 | 3,610,055 | PDF p. 40 |
| Profit for the yearSGD thousands | − | − | − | − | − | 109,555 | 109,555 | 113 | 109,668 | PDF p. 40 |
| Changes in fair value of cash flow hedgesSGD thousands | − | − | − | 13,167 | − | − | 13,167 | − | 13,167 | PDF p. 40 |
| Foreign currency translation differences relating to foreign operationsSGD thousands | − | − | − | − | 2,418 | − | 2,418 | (90) | 2,328 | PDF p. 40 |
| Exchange differences on loans forming part of net investment in foreign operationsSGD thousands | − | − | − | − | (6,726) | − | (6,726) | − | (6,726) | PDF p. 40 |
| Share of foreign currency translation differences of equity-accounted investeesSGD thousands | − | − | − | − | (2,035) | − | (2,035) | − | (2,035) | PDF p. 40 |
| Other comprehensive incomeSGD thousands | − | − | − | 13,167 | (6,343) | − | 6,824 | (90) | 6,734 | PDF p. 40 |
| Total comprehensive income for the yearSGD thousands | − | − | − | 13,167 | (6,343) | 109,555 | 116,379 | 23 | 116,402 | PDF p. 40 |
| Transactions with owners of the Company, recognised directly in equity | ||||||||||
| Dividend paid to non-controlling shareholderSGD thousands | − | − | − | − | − | − | − | (2,000) | (2,000) | PDF p. 40 |
| Consolidated Statement of Changes in Equity — 2024 | ||||||||||
| Final tax-exempt dividend paid of 3 cents per share in respect of 2023SGD thousands | − | − | − | − | − | (19,920) | (19,920) | − | (19,920) | PDF p. 40 |
| Total distributions to owners of the CompanySGD thousands | − | − | − | − | − | (19,920) | (19,920) | (2,000) | (21,920) | PDF p. 40 |
| At 31 December 2024SGD thousands | 156,048 | (67,796) | 791 | 3,822 | (124,007) | 3,723,568 | 3,692,426 | 12,111 | 3,704,537 | PDF p. 40 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 40 ↗
Consolidated Statement of Changes in Equity — 2025
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupReserve for own shares | 2025GroupCapital reserve | 2025GroupHedging reserve | 2025GroupForeign currency translation reserve | 2025GroupRetained earnings | 2025GroupTotal attributable to owners of the Company | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statement of Changes in Equity — 2025 | ||||||||||
| At 1 January 2025SGD thousands | 156,048 | (67,796) | 791 | 3,822 | (124,007) | 3,723,568 | 3,692,426 | 12,111 | 3,704,537 | PDF p. 40 |
| Profit for the yearSGD thousands | − | − | − | − | − | 100,204 | 100,204 | 2,188 | 102,392 | PDF p. 40 |
| Changes in fair value of cash flow hedgesSGD thousands | − | − | − | (28,273) | − | − | (28,273) | − | (28,273) | PDF p. 40 |
| Foreign currency translation differences relating to foreign operationsSGD thousands | − | − | − | − | 7,938 | − | 7,938 | (20) | 7,918 | PDF p. 40 |
| Exchange differences on loans forming part of net investment in foreign operationsSGD thousands | − | − | − | − | 24,645 | − | 24,645 | − | 24,645 | PDF p. 40 |
| Share of foreign currency translation differences of equity-accounted investeesSGD thousands | − | − | − | − | (1,492) | − | (1,492) | − | (1,492) | PDF p. 40 |
| Share of other comprehensive income of equity-accounted investeeSGD thousands | − | − | − | (1,228) | − | − | (1,228) | − | (1,228) | PDF p. 40 |
| Other comprehensive incomeSGD thousands | − | − | − | (29,501) | 31,091 | − | 1,590 | (20) | 1,570 | PDF p. 40 |
| Total comprehensive income for the yearSGD thousands | − | − | − | (29,501) | 31,091 | 100,204 | 101,794 | 2,168 | 103,962 | PDF p. 40 |
| Transactions with owners of the Company, recognised directly in equity | ||||||||||
| Dividend paid to non-controlling shareholderSGD thousands | − | − | − | − | − | − | − | (4,641) | (4,641) | PDF p. 40 |
| Consolidated Statement of Changes in Equity — 2025 | ||||||||||
| Final tax-exempt dividend paid of 4 cents per share in respect of 2024SGD thousands | − | − | − | − | − | (26,561) | (26,561) | − | (26,561) | PDF p. 40 |
| Total distributions to owners of the CompanySGD thousands | − | − | − | − | − | (26,561) | (26,561) | (4,641) | (31,202) | PDF p. 40 |
| At 31 December 2025SGD thousands | 156,048 | (67,796) | 791 | (25,679) | (92,916) | 3,797,211 | 3,767,659 | 9,638 | 3,777,297 | PDF p. 40 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 40 ↗
Consolidated Statement of Cash Flows — operating activities
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the yearSGD thousands | 102,392 | 109,668 | PDF p. 41 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment and right-of-use assetsSGD thousands | 1,114 | 1,030 | PDF p. 41 |
| Consolidated Statement of Cash Flows — operating activities | |||
| Fair value changes in investment propertiesSGD thousands | (3,685) | 17,037 | PDF p. 41 |
| Fair value changes in financial assets at FVTPLSGD thousands | 11,107 | 11,334 | PDF p. 41 |
| Fair value changes in financial assets at FVOCISGD thousands | − | 39 | PDF p. 41 |
| Gain on disposal of interest in a subsidiarySGD thousands | − | (34,816) | PDF p. 41 |
| Remeasurement gain on interest in a jointly-controlled entitySGD thousands | − | (36,238) | PDF p. 41 |
| Gain on disposal of property, plant and equipmentSGD thousands | (20) | (1,036) | PDF p. 41 |
| Loss on disposal of investment propertySGD thousands | 583 | − | PDF p. 41 |
| Gain on disposal of financial assets at FVOCISGD thousands | − | (28) | PDF p. 41 |
| Gain on disposal of financial assets at FVTPLSGD thousands | (147) | − | PDF p. 41 |
| Write-down of properties held for sale to net realisable valueSGD thousands | 263 | − | PDF p. 41 |
| Dividend income from financial assets at FVTPLSGD thousands | (4,284) | − | PDF p. 41 |
| Interest incomeSGD thousands | (7,972) | (6,699) | PDF p. 41 |
| Interest expenseSGD thousands | 123,144 | 159,769 | PDF p. 41 |
| Share of results of associatesSGD thousands | (3,189) | 2,081 | PDF p. 41 |
| Share of results of jointly-controlled entitiesSGD thousands | (12,552) | (5,914) | PDF p. 41 |
| Income tax expenseSGD thousands | 30,827 | 42,546 | PDF p. 41 |
| Exchange differencesSGD thousands | 1,295 | 12,236 | PDF p. 41 |
| Subtotal (unlabelled in source)SGD thousands | 238,876 | 271,009 | PDF p. 41 |
| Changes in: | |||
| Development propertiesSGD thousands | 20,251 | 51,660 | PDF p. 41 |
| Consolidated Statement of Cash Flows — operating activities | |||
| Trade and other receivablesSGD thousands | (21,156) | (135,172) | PDF p. 41 |
| Trade and other payablesSGD thousands | (24,426) | 138,734 | PDF p. 41 |
| Cash generated from operationsSGD thousands | 213,545 | 326,231 | PDF p. 41 |
| Income taxes paidSGD thousands | (36,432) | (47,374) | PDF p. 41 |
| Net cash generated from operating activities carried forwardSGD thousands | 177,113 | 278,857 | PDF p. 41 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 41 ↗
Consolidated Statement of Cash Flows — investing and financing
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Statement of Cash Flows — investing and financing | |||
| Net cash generated from operating activities brought forwardSGD thousands | 177,113 | 278,857 | PDF p. 41 |
| Cash flows from investing activities | |||
| Proceeds from sale of property, plant and equipmentSGD thousands | 46 | 9,111 | PDF p. 41 |
| Consolidated Statement of Cash Flows — investing and financing | |||
| Proceeds from sale of investment propertySGD thousands | 48,784 | − | PDF p. 41 |
| Proceeds from disposal of interest in a subsidiarySGD thousands | − | 133,314 | PDF p. 41 |
| Proceeds from sale of financial assets at FVOCISGD thousands | − | 65 | PDF p. 41 |
| Dividends from associateSGD thousands | 9,043 | − | PDF p. 41 |
| Dividend from jointly-controlled entitySGD thousands | 979 | − | PDF p. 41 |
| Capital reduction in jointly-controlled entitiesSGD thousands | 11,944 | 7,929 | PDF p. 41 |
| Redemption of preference shares of a jointly-controlled entitySGD thousands | 102,865 | − | PDF p. 41 |
| Repayment from jointly-controlled entitiesSGD thousands | 26,271 | 14,508 | PDF p. 41 |
| Dividends from financial assets at FVTPLSGD thousands | 4,284 | − | PDF p. 41 |
| Distributions from financial assets at FVTPLSGD thousands | − | 1,101 | PDF p. 41 |
| Redemption of financial assets at FVTPLSGD thousands | − | 252 | PDF p. 41 |
| Proceeds from sale of financial assets at FVTPLSGD thousands | 27,354 | − | PDF p. 41 |
| Interest receivedSGD thousands | 7,709 | 6,699 | PDF p. 41 |
| Advances to jointly-controlled entitiesSGD thousands | − | (20,570) | PDF p. 41 |
| Investments in jointly-controlled entitiesSGD thousands | (15,349) | (2,674) | PDF p. 41 |
| Purchase of property, plant and equipmentSGD thousands | (1,157) | (1,882) | PDF p. 41 |
| Capital expenditure on investment propertiesSGD thousands | (13,111) | (22,739) | PDF p. 41 |
| Purchase of financial assets at amortised costSGD thousands | (13,421) | − | PDF p. 41 |
| Purchase of financial assets at FVTPLSGD thousands | (56,065) | (8,151) | PDF p. 41 |
| Net cash generated from investing activitiesSGD thousands | 140,176 | 116,963 | PDF p. 41 |
| Cash flows from financing activities | |||
| Proceeds from notes issuanceSGD thousands | − | 160,000 | PDF p. 41 |
| Consolidated Statement of Cash Flows — investing and financing | |||
| Proceeds from bank loans, net of costsSGD thousands | 123,171 | 365,161 | PDF p. 41 |
| Repayment of bank loansSGD thousands | (246,295) | (723,713) | PDF p. 41 |
| Payment of lease liabilitiesSGD thousands | (233) | (281) | PDF p. 41 |
| Interest paidSGD thousands | (119,597) | (164,902) | PDF p. 41 |
| Dividend paidSGD thousands | (26,561) | (19,920) | PDF p. 41 |
| Dividends paid to non-controlling shareholdersSGD thousands | (4,641) | (2,000) | PDF p. 41 |
| Net cash used in financing activitiesSGD thousands | (274,156) | (385,655) | PDF p. 41 |
| Net increase in cash and cash equivalentsSGD thousands | 43,133 | 10,165 | PDF p. 41 |
| Cash and cash equivalents at 1 JanuarySGD thousands | 183,119 | 172,677 | PDF p. 41 |
| Effect of exchange rate changes on cash heldSGD thousands | 2,408 | 277 | PDF p. 41 |
| Cash and cash equivalents at 31 DecemberSGD thousands | 228,660 | 183,119 | PDF p. 41 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 41 ↗
Five-year performance at a glance
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year performance at a glance | ||||||
| TurnoverSGD millions | 440 | 528 | 445 | 436 | 348 | PDF p. 5 |
| Profit from operationsSGD millions | 114 | 165 | 143 | 198 | 189 | PDF p. 5 |
| Profit attributable to shareholdersSGD millions | 100 | 110 | (260) | 166 | 331 | PDF p. 5 |
| Shareholders’ equitySGD billions | 3.8 | 3.7 | 3.6 | 3.9 | 3.9 | PDF p. 5 |
| Earnings per shareSingapore cents | 15.1 | 16.5 | (39.1) | 25.0 | 49.8 | PDF p. 5 |
| Dividend per shareSingapore cents | 5 | 4 | 3 | 8 | 10 | PDF p. 5 |
| Net asset value per shareSGD per share | 5.67 | 5.56 | 5.42 | 5.90 | 5.92 | PDF p. 5 |
| Return on equity% | 2.7 | 3.0 | (6.9) | 4.2 | 8.8 | PDF p. 5 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 5 ↗
Where the money comes from
Segment information
By business
Note 35(a) Operating segments – year ended 31 December 2025 9 lines
| Item / unit | 2025Property Development | 2025Property Investment | 2025Others | 2025Total | Source |
|---|---|---|---|---|---|
| 31 December 2025 | |||||
| External revenue$'000 | 200,111 | 239,941 | – | 440,052 | PDF p. 70 |
| Operating results$'000 | 54,520 | 206,943 | – | 261,463 | PDF p. 70 |
| Share of results of associates$'000 | 3,189 | – | – | 3,189 | PDF p. 70 |
| Share of results of jointly-controlled entities$'000 | 8,438 | 4,114 | – | 12,552 | PDF p. 70 |
| Fair value changes in investment properties$'000 | – | 3,685 | – | 3,685 | PDF p. 70 |
| 31 December 2025 – Other material items | |||||
| Capital expenditure$'000 | – | 13,111 | – | 13,111 | PDF p. 70 |
| 31 December 2025 | |||||
| Reportable segment assets$'000 | 469,564 | 5,367,706 | 94,242 | 5,931,512 | PDF p. 70 |
| Investments in associates and jointly-controlled entities*$'000 | 332,098 | 155,056 | – | 487,154 | PDF p. 70 |
| Reportable segment liabilities$'000 | 135,054 | 2,462,155 | – | 2,597,209 | PDF p. 70 |
Notes
Amounts in $'000. Others segments include investing in equity securities, private equity and property funds and notes; they do not meet quantitative thresholds for reportable segments.
* Include amounts due from jointly-controlled entities which are in substance, a part of the Group’s investments in the jointly-controlled entities.
Note 35(a) Operating segments – year ended 31 December 2024 (Group, comparative) 9 lines
| Item / unit | 2024Property Development | 2024Property Investment | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|
| 31 December 2024 | |||||
| External revenue$'000 | 262,329 | 265,711 | – | 528,040 | PDF p. 70 |
| Operating results$'000 | 54,893 | 233,248 | – | 288,141 | PDF p. 70 |
| Share of results of associates$'000 | (2,081) | – | – | (2,081) | PDF p. 70 |
| Share of results of jointly-controlled entities$'000 | 5,914 | – | – | 5,914 | PDF p. 70 |
| Fair value changes in investment properties$'000 | – | (17,037) | – | (17,037) | PDF p. 70 |
| 31 December 2024 – Other material items | |||||
| Capital expenditure$'000 | – | 11,419 | – | 11,419 | PDF p. 70 |
| 31 December 2024 | |||||
| Reportable segment assets$'000 | 460,949 | 5,292,123 | 60,050 | 5,813,122 | PDF p. 70 |
| Investments in associates and jointly-controlled entities*$'000 | 621,804 | – | – | 621,804 | PDF p. 70 |
| Reportable segment liabilities$'000 | 135,176 | 2,569,199 | – | 2,704,375 | PDF p. 70 |
Notes
Amounts in $'000. Columns as printed in the 2025 table header; 2024 block follows under '31 December 2024'.
* Include amounts due from jointly-controlled entities which are in substance, a part of the Group’s investments in the jointly-controlled entities.
Note 35(a) Reconciliations of reportable segment assets and liabilities 8 lines
| Item / unit | 202531 December 2025 | 202431 December 2024 | Source |
|---|---|---|---|
| Assets | |||
| Total assets for reportable segments$'000 | 5,837,270 | 5,753,072 | PDF p. 71 |
| Assets for other segments$'000 | 94,242 | 60,050 | PDF p. 71 |
| Investments in equity accounted investees*$'000 | 487,154 | 621,804 | PDF p. 71 |
| Other unallocated amounts$'000 | 130,276 | 144,709 | PDF p. 71 |
| Consolidated total assets$'000 | 6,548,942 | 6,579,635 | PDF p. 71 |
| Liabilities | |||
| Total liabilities for reportable segments$'000 | 2,597,209 | 2,704,375 | PDF p. 71 |
| Other unallocated amounts$'000 | 174,436 | 170,723 | PDF p. 71 |
| Consolidated total liabilities$'000 | 2,771,645 | 2,875,098 | PDF p. 71 |
Notes
Amounts in $'000.
* Include amounts due from jointly-controlled entities which are in substance, a part of the Group’s investments in the jointly-controlled entities.
Note 35(a) Other material items – Capital expenditure (reportable segment total, unallocated, consolidated) 1 lines
| Item / unit | 2025Reportable segment total | 2025Unallocated amounts | 2025Consolidated total | Source |
|---|---|---|---|---|
| 31 December 2025 – Other material items | ||||
| Capital expenditure$'000 | 13,111 | – | 13,111 | PDF p. 71 |
Notes
Amounts in $'000. The 31 December 2024 row is given in a separate table; columns shown for 2025 apply to the 2025 row only.
Note 35(a) Other material items – Capital expenditure, 31 December 2024 1 lines
| Item / unit | 2024Reportable segment total | 2024Unallocated amounts | 2024Consolidated total | Source |
|---|---|---|---|---|
| 31 December 2024 – Other material items | ||||
| Capital expenditure$'000 | 11,419 | – | 11,419 | PDF p. 71 |
Notes
Amounts in $'000.
By geography
Note 35(b) Geographical segments – 31 December 2025 2 lines
| Item / unit | 2025Singapore | 2025United Kingdom | 2025Australia | 2025China | 2025Consolidated total | Source |
|---|---|---|---|---|---|---|
| 31 December 2025 | ||||||
| Revenue$'000 | 110,804 | 138,338 | 190,910 | – | 440,052 | PDF p. 71 |
| Non-current assets*$'000 | 2,639,137 | 2,912,538 | 43,035 | 71,657 | 5,666,367 | PDF p. 71 |
Notes
Amounts in $'000. Segment revenue is based on the geographical location of business. Segment assets are based on the geographical location of the assets.
* Excludes financial assets, other receivables and deferred tax asset. (footnote as printed for the 2024 table: '* Excludes financial assets, other receivables and deferred tax asset.')
Note 35(b) Geographical segments – 31 December 2024 (Group, comparative) 2 lines
| Item / unit | 2024Singapore | 2024United Kingdom | 2024Australia | 2024China | 2024Consolidated total | Source |
|---|---|---|---|---|---|---|
| 31 December 2024 | ||||||
| Revenue$'000 | 141,837 | 151,810 | 234,393 | – | 528,040 | PDF p. 71 |
| Non-current assets*$'000 | 2,733,461 | 2,907,212 | 39,651 | 95,082 | 5,775,406 | PDF p. 71 |
Notes
Amounts in $'000.
* Excludes financial assets, other receivables and deferred tax asset.
The Group has a large and diversified customer base which consists of individuals and corporations. There was no single customer that contributed 10% or more to the Group’s revenue.
Debt
Borrowings
Terms and debt repayment schedule (effective interest rate, expected year of maturity, face value, carrying amount)
| Item / unit | 2025Effective interest rate % | 2025Expected year of maturity | 2025Face value $'000 | 2025Carrying amount $'000 | Source |
|---|---|---|---|---|---|
| Group 31 December 2025 | |||||
| Unsecured bank loan% / year / $'000 | 5.18 | 2029 | 100,000 | 100,000 | PDF p. 58 |
| Medium term notes% / year / $'000 | 4.35 | 2029 | 160,000 | 160,000 | PDF p. 58 |
| Group 31 December 2024 | |||||
| Unsecured bank loans% / year / $'000 | 5.92 | 2025 | 100,000 | 100,000 | PDF p. 58 |
| Medium term notes% / year / $'000 | 4.35 | 2029 | 160,000 | 160,000 | PDF p. 58 |
| Company 31 December 2025 | |||||
| Unsecured bank loans% / year / $'000 | 5.18 | 2029 | 100,000 | 100,000 | PDF p. 58 |
| Medium term notes% / year / $'000 | 4.35 | 2029 | 160,000 | 160,000 | PDF p. 58 |
| Company 31 December 2024 | |||||
| Secured bank loans% / year / $'000 | 6.24 | 2027 | 159,910 | 159,910 | PDF p. 58 |
| Unsecured bank loans% / year / $'000 | 5.92 | 2025 | 100,000 | 100,000 | PDF p. 58 |
| Medium term notes% / year / $'000 | 4.35 | 2029 | 160,000 | 160,000 | PDF p. 58 |
Notes
Columns apply to all sections; 31 December 2024 sections hold 2024 values in the same four fields (effective interest rate %, expected year of maturity, face value $'000, carrying amount $'000). Lease liabilities rows show only face value and carrying amount.
The Group's bank loans are all pegged to floating rates.
Bank loans secured on investment properties $5,122,879,000 (2024: $5,062,037,000) and development properties $28,090,000 (2024: $27,736,000).
Borrowing notes 1 tables
Loans and borrowings (current and non-current, secured/unsecured)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Secured bank loans$'000 | 1,721,811 | 2,258,640 | 139,550 | 147,520 | PDF p. 57 |
| Unsecured bank loan$'000 | 100,000 | – | 100,000 | – | PDF p. 57 |
| Medium term notes$'000 | 160,000 | 160,000 | 160,000 | 160,000 | PDF p. 57 |
| Lease liabilities$'000 | 1,076 | 425 | – | – | PDF p. 57 |
| Current liabilities | |||||
| Secured bank loans$'000 | 542,656 | 104,820 | 44,016 | 12,390 | PDF p. 57 |
| Unsecured bank loan$'000 | – | 100,000 | – | 100,000 | PDF p. 57 |
| Lease liabilities$'000 | 587 | 200 | – | – | PDF p. 57 |
| Capital management | |||||
| Borrowings$'000 | 2,526,130 | 2,624,085 | 443,566 | 419,910 | PDF p. 57 |
Notes
(i) On 11 July 2024, the Company issued $160,000,000 of 5-year 4.35% fixed-rate unsecured green notes under its $800,000,000 multi-currency medium term note programme.
Subtotals (non-current 1,982,887/2,419,065/399,550/307,520; current 543,243/205,020/44,016/112,390; total 2,526,130/2,624,085/443,566/419,910) are printed without row labels.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Proposed first and final tax-exempt dividend of 5 cents (2024: 4 cents) per share | 5 cents per share | Group and Company, FY2025 first and final tax-exempt dividend proposed after reporting date, not provided for | PDF p. 61 |
| Proposed first and final tax-exempt dividend of 5 cents (2024: 4 cents) per share | 4 cents per share | Group and Company, comparative FY2024 first and final tax-exempt dividend | PDF p. 61 |
| Proposed first and final tax-exempt dividend of 5 cents (2024: 4 cents) per share | 33,201 $'000 | Group and Company, 2025 proposed dividend amount | PDF p. 61 |
| Proposed Dividend | a first and final dividend of 5 cents per share for FY2025 | FY2025 total (first and final only; no interim or special dividend disclosed) | PDF p. 4 |
| Dividend payment date | 22 May 2026 | FY2025 first and final dividend, subject to approval at AGM on 29 April 2026 | PDF p. 32 |
Extracted from Ho Bee Land Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group and Company | PDF p. 38 |
| Engagement partner | Voo Poh Jee | Group and Company | PDF p. 38 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties (S$5,167 million) | Valuation of investment properties (S$5,167 million) | Group | PDF p. 36 |
| Valuation of investment properties | The Group owns a portfolio of investment properties in Singapore | Group | PDF p. 36 |
| Valuation of development properties | The carrying value of development properties are stated at the | Group | PDF p. 37 |
Extracted from Ho Bee Land Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Ho Bee Land Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Five-year figures reproduce the rounded chart values in the annual report. Revenue and profit use SGD millions, shareholders’ equity uses SGD billions, and earnings/dividends per share use Singapore cents; detailed financial statements use SGD thousands.
Five-year FY2025 EPS is shown rounded to 15.1 cents; the financial statement figure is 15.09 cents. Historical full annual-report backfill remains incomplete.
FY2025 dividend per share of 5 cents was proposed after the reporting date and subject to shareholder approval; it was not provided for in the financial statements (Note 29, physical PDF p.61).
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.