Hongkong Land Holdings Limited reported a 5% year-on-year increase in underlying profit for the first quarter ended Mar, 31 2026, helped by lower net financing charges that offset reduced contributions from its Singapore portfolio following the divestment of Marina Bay Financial Centre Tower 3.
The group realised a further US$0.6 billion of net proceeds from capital recycling during the period, bringing cumulative proceeds since 2021 to US$3.6 billion—about 90% of its target to recycle at least US$4 billion by end-2027.
In Feb, 2026 the company established the Singapore Central Private Real Estate Fund with 8.2 billion Singapore dollars of assets under management. The seed portfolio comprises equity interests in One Raffles Quay, Marina Bay Financial Centre Towers 1 and 2, One Raffles Link and Asia Square Tower 1. Hongkong Land is the fund’s general partner and retains a majority stake, alongside Qatar Investment Authority and APG Asset Management, and aims to lift assets under management to 15 billion Singapore dollars within five years.
The group completed the acquisition of a 10.8% interest in Suntec Real Estate Investment Trust in Mar, 2026 for 541 million Singapore dollars, redeploying part of the recycled capital into income-producing commercial assets in Singapore.
Operationally, the Hong Kong Central portfolio recorded broadly stable profit contributions, with office vacancies on a committed basis falling to 5.5% at Mar, 31 2026. In Singapore, contributions were lower after the MBFC Tower 3 disposal, though the newly formed fund’s assets achieved positive rental reversions and ended the quarter with an uncommitted vacancy of 4.1%. Income from the mainland China portfolio increased, driven by projects that opened in 2025 and higher rents at existing malls.
Since launching its share-buyback programme in Apr, 2025, the company has spent US$372 million and reduced shares in issue by 2.7%, leaving about US$278 million available for buybacks through mid-2027.
Management now expects full-year 2026 underlying profit to be “mildly higher” than 2025, supported by improving leasing sentiment in Hong Kong and continued cost control.