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Earnings per share stood at US$0.5785 from a loss per share of US$0.6276 in the year before
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[SINGAPORE] Property developer Hongkong Land on Thursday (Mar 5) posted an underlying profit of US$458 million for the financial year ended Dec 31, down 8 per cent from US$499 million in the previous financial year.
The lower underlying profit was primarily due to decreased contributions from the Hong Kong Central portfolio, said the company on Thursday.
It noted that rental reversions for Hong Kong offices were negative in 2025, although leasing sentiment steadily improved as capital market activity picked up.
Contributions for the group’s Landmark retail portfolio, Hongkong Land’s flagship retail space, declined 8 per cent from the year prior on lower customer spending, though the ultra-high-net-worth segment logged an 8 per cent year-on-year increase in customer spending, reflecting the continued appeal of Landmark as a premier luxury destination, the group said.
Performance for the Singapore office portfolio was supported by tight supply and sustained flight-to-quality demand in the central business district. Average rents in 2025 rose to S$11.50 per square foot (psf) from S$11.10 psf in 2024, amid positive rental reversions.
The company highlighted a shift in its economic interest in its Singapore portfolio in February 2026, with the launch of Singapore’s largest commercial real estate private fund, the S$8.2 billion Singapore Central Private Real Estate Fund (SCPREF).
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The fund’s establishment marked a shift in the group’s strategy towards fund management. In October 2024, Hongkong Land said that it would exit the build-to-sell residential development business and move towards fund management, with a focus on ultra-premium integrated commercial properties in Asian gateway cities.
The mainland China and Macau portfolio logged lower contributions in 2025 due to pre-opening costs incurred for a number of pipeline projects on mainland China, set to launch from 2027 onwards, and lower rents in Macau due to ongoing renovation works and planned tenant movements.
Revenue declined to US$1.4 billion in FY2025, down from US$2 billion in the prior financial year.
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Net profit stood at US$1.3 billion, reversing from a net loss of US$1.4 billion in FY2024.
Earnings per share stood at US$0.5785, against a loss per share of US$0.6276 in the year before.
The board is proposing a final dividend of US$0.19 a share, payable on May 13, subject to approval at the group’s upcoming annual general meeting on May 7.
If approved, it would take the full-year dividend to US$0.25, up 9 per cent from US$0.23 in the year before.
Hongkong Land expects positive momentum in Hong Kong and Singapore to continue into 2026, though trading conditions in mainland China are likely to remain challenging.
The group noted that rental reversions for the Hong Kong office portfolio are set to remain negative, although the magnitude of decline is expected to narrow.
In Singapore, it intends to pursue growth through the SCPREF, while managing costs and improving the operating efficiency of its existing portfolio. It is “actively assessing” new integrated commercial property projects alongside acquisition opportunities to grow the SCPREF.
The group expects 2026’s underlying profit to remain “largely unchanged” from 2025.
Part of the Jardine Matheson Group, Hongkong Land has a primary listing on the London Stock Exchange and secondary listings in Singapore and Bermuda.
Hongkong Land shares closed Thursday 2.5 per cent or US$0.20 higher at US$8.15, before the news.
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