Hongkong Land Holdings Limited · SGX:H78
Hongkong Land — Corporate Update (December 2025)
12 slides from Hongkong Land's corporate update, Dec 12, 2025
Slide 1: Update on establishment of Hongkong Land's inaugural private real estate fund
12 December 2025 Update on establishment of Hongkong Land’s inaugural private real estate fund
Slide 2: Cautionary statement
Hongkong Land Cautionary statement 2 Disclaimer: Your accessing of this document indicates your understanding, agreement to and acceptance, of this disclaimer Forward-looking statements notice and the full terms and conditions contained herein. This document (including information incorporated by re
Slide 3: Recap of our evolved business model
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 3 Recap of our evolved business model Capital management Focus on returns on capital; excess capital returned to shareholders Ultra-premium gateway Portfolio recycling assets Exit non-core businesses and GATE
Slide 4: Delivering on strategic priorities
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 4 Delivering on strategic priorities Capital management Share buyback: DPS (full year) : c.US$260m 5% increase executed to date (2024 vs. 2023) Ultra-premium gateway Portfolio recycling assets Hong Kong Westb
Slide 5: SCPREF expected to be Singapore's largest private real estate fund with >S$8bn AUM
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 5 SCPREF expected to be Singapore’s largest private real estate fund with >S$8bn (US$6.2bn) AUM on inception Scalable platform with growth potential for Singapore commercial AUM and earnings • Core/Core+ stra
Slide 6: HKL to seed its Singapore premium commercial portfolio into SCPREF
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 6 HKL to seed its Singapore premium commercial portfolio into SCPREF MBFC Towers 1 & 2 One Raffles Quay One Raffles Link Total HKL – 33⅓% HKL – 33⅓% Ownership Keppel REIT – 33⅓% Keppel REIT – 33⅓% HKL – 100%
Slide 7: Proposed Fund Structure
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 7 Proposed Fund Structure Expect >S$8bn (US$6.2bn) in AUM on inception Founding Investors Institutional investors with Sponsor global real estate portfolios 100% Fund Manager Investment management fees 33⅓% 3
Slide 8: Progressing towards maiden fund formation
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 8 Progressing towards maiden fund formation Before end of November 2025 11 December 2025 31 December 2025 Q1 2026 Pursuant to JV Keppel REIT agreed to agreements, acquisition acquire HKL’s 33⅓% rights issued
Slide 9: HKL's 33⅓% share of MBFC T3 sold at above carrying value
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 9 HKL’s 33⅓% share of MBFC T3 sold at above carrying value Gross consideration: Premium to S$1.5bn carrying value(1): (US$1.1bn) +2% Net proceeds: Net lettable area(2): S$0.9bn Office:1.3m sq.ft. (US$0.7bn) R
Slide 10: US$0.7bn recycled with more expected upon fund formation
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 10 US$0.7bn recycled with more expected upon fund formation Capital recycling (US$bn) Dec 2027 Minimum target 4.0 • Cumulative capital recycled stood at US$2.1bn prior to establishment of SCPREF 70% of target
Slide 11: Indicative financial impact & use of proceeds – post fund formation
Hongkong Land Update on establishment of Hongkong Land’s inaugural private real estate fund 11 Indicative financial impact & use of proceeds – post fund formation Indicative financial impact Use of proceeds • Initial underlying EPS impact broadly neutral with upside as vehicle • Pursue growth opport
Slide 12: Experience is central
Hongkong Land 12 Experience is central Marina Bay Financial Centre, Singapore
Hongkong Land Holdings — Corporate Update (December 2025) on 6ix