Singapore’s Hongkong Land Holdings on Tuesday said it will wind down its build-to-sell division to focus exclusively on investment properties in key Asian cities and redirect capital into integrated commercial property opportunities.
Hongkong Land, which expects to raise proceeds worth $6 billion from the divestment, said the new plan will leverage its established flagship prime mixed-use projects in Hong Kong, Singapore and Shanghai.
The company aims to double underlying profit before interest, tax and dividends by 2035, while diversifying geographically and growing assets under management to $100 billion, including significant third-party capital.
It will seek to limit a single city’s contribution to its profit to not more than 40% and actively recycle up to $10 billion in capital by 2035 to drive growth and optimization, it said.
“Given the size and diversity of the Group’s existing real estate portfolio, the new strategy is expected to take a number of years, with progress to be measured across three implementation phases,” Chief Executive Michael Smith said in a statement.
Source Homevior.in
