These undervalued property gems are poised to benefit from MAS EQDP

• As the MAS Equity Market Development Programme (EQDP) brings long-overdue attention to Singapore-listed property developers and operators, the sector has climbed an impressive 32% year-to-date.

• Despite the strong rally, the sector is still trading at a discount to their net asset value (NAV), suggesting that many property stocks are still undervalued.

• To find hidden gems within mid-caps, we applied an equity screening with an emphasis on earnings outlook and valuations. Our top picks include Ho Bee Land (SGX:H13) and SingLand (SGX:U06).

• Selected large caps like City Developments (SGX:C09) and UOL (SGX:U14)  could also benefit from EQDP, having historically been overlooked by the market despite being significantly undervalued.

The iEdge SG Real Estate Developers & Operators Index, which tracks the performance of major listed property players in Singapore, has climbed an impressive 32% year to date (Figure 1). This sharp rebound reflects renewed investor interest and growing optimism around the sector’s prospects.

A big catalyst has been the Equity Market Development Programme (EQDP), a SGD 5 billion initiative by the Monetary Authority of Singapore (MAS) designed to boost investor interest and liquidity in Singapore-listed companies. This has finally brought long-overdue attention to Singapore-listed property developers and operators.

Figure 1: The property developer and operator sector has surged 32%

Top-performing property developers and operators

Within the sector, several companies with a market capitalisation of at least SGD 500 million have delivered standout gains. The top 10 performers include names like Centurion (SGX:OU8) and Singapore Land Group (SGX:U06), which have delivered total returns ranging between 13% and 88% year-to-date (Table 1).

Table 1: Top 10 companies by performance YTD

Name	Market Cap	Total Return YTD	Current P/NAV (X)	10Y Historical P/NAV (X)
Centurion Corp	1.50B	88.3%	1.23	0.65
Propnex	1.21B	82.6%	17.8*	12.2*
Singapore Land Group	4.31B	74.9%	0.51	0.53
Hongkong Land	17.28B	44.3%	0.47	0.38
UOL Group	5.96B	40.9%	0.45	1.39
City Developments	5.67B	26.3%	0.64	0.81
Bukit Sembawang Estates	1.06B	21.2%	0.67	0.80
Guocoland	2.06B	19.2%	1.50	0.82
Ho Bee Land	1.34B	13.4%	0.37	0.44
Capitaland Investment	13.72B	12.8%	1.01	0.98
*Based on PE Ratio since listing in 2018 Source: Bloomberg Finance L.P., iFAST Compilations Data as of 12 August 2025

What is particularly interesting is that despite the strong rally, the sector is still trading at a price-to-net asset value (P/NAV) ratio that is below its historical average. More strikingly, it represents a steep 50% discount to NAV (Figure 2). In other words, many property stocks are still undervalued. This suggests that there could be room for further upside, especially as greater investor attention and liquidity, supported by the EQDP, help close the valuation gap.

Figure 2: The sector remains undervalued

Ho Bee Land (SGX:H13) – A hidden gem

The EQDP is expected to broaden investor participation beyond just the heavyweight names in the STI, making mid-cap companies particularly compelling. To identify potential beneficiaries, we applied an equity screening with an emphasis on the following three factors: (1) market capitalisation of between SGD 500 million to SGD 5 billion; (2) solid earnings outlook in the medium to long term; (3) reasonable valuations.

Based on our screening, one of the most overlooked gems is Ho Bee Land (SGX:H13). Listed on the SGX since 1999, the company boasts a global portfolio spanning residential, commercial, and life sciences properties. Locally, Ho Bee is best known as the developer behind Sentosa Cove and The Metropolis at one-north – the largest Grade A office development outside Singapore’s Central Business District (CBD).

In its latest FY2024 financial results, Ho Bee Land reported a net profit of SGD 110 million, marking a return to profitability. The rebound was driven by strong development sales in Australia and steady rental income from its resilient investment properties in Singapore and London. Looking ahead, Ho Bee Land is expected to navigate global uncertainties and seize new opportunities for growth, supported by resilient investment portfolios in Singapore and London, alongside a robust land bank in Australia.

At present, Ho Bee Land remains deeply undervalued. The stock is currently trading at a P/NAV of just 0.37X, below its 10-year and 20-year averages of 0.44X and 0.63X respectively (Figure 3). Importantly, its reported NAV is conservative: development properties are carried at cost or the lower of cost and net realisable value, suggesting that some asset value is not fully reflected on the books. Low analyst coverage and limited trading liquidity have kept the stock under the radar, but the launch of the EQDP could help shine a spotlight on undervalued mid-cap names like Ho Bee Land, potentially unlocking a re-rating.

Figure 3: Limited analyst coverage and low liquidity have kept valuations depressed

Figure 4: Over the long term, share prices generally move in line with earnings

SingLand (SGX:U06) – Quality asset portfolio, attractive valuations

Another key beneficiary of the EQDP would be Singapore Land Group (SGX:U06). A subsidiary of UOL Group Limited, Singapore Land (SingLand) owns a high-quality portfolio of commercial assets in Singapore and investment properties across Australia, China, and the UK. Notable properties include Singapore Land Tower, Marina Square, and Novena Square. Yet despite these quality assets, SingLand is often overlooked with sparse analyst coverage and thin trading liquidity.

In FY2024, net attributable profit (excluding fair value and other gains/losses) rose 11% year-on-year to SGD 210 million, driven by improved performance across its commercial portfolio, especially from the upgraded Singapore Land Tower. At the same time, its net debt-to-equity ratio stands at only 2%, down from 19% a decade ago.

Growth momentum is set to continue with the redevelopment of Clifford Centre, a key project in the heart of the CBD that is expected to complete by 2028. Meanwhile, Singapore’s office market remains resilient, supported by a tight supply pipeline and healthy demand for high-quality office space that are likely to support rental growth in the years to come. In addition, the partial redevelopment of Marina Square into a mixed-use integrated development is on the horizon, with SingLand having received provisional approval from the Urban Redevelopment Authority for the project in 2023.

Even after a solid share price rally, SingLand still trades at a steep discount to its NAV, with a P/NAV ratio of 0.51X, below the 10-year and 20-year averages of 0.53X and 0.75X respectively (Figure 5). In addition, major redevelopment projects like Clifford Centre could provide further NAV upside. Increased attention as a result of EQDP could help narrow its valuation gap, making it an opportunity for investors seeking exposure to quality and undervalued Singapore property plays.

Figure 5: SingLand is still very cheap

Figure 6: Over the long term, share prices generally move in line with earnings

Wing Tai (SGX:W05) and Centurion (SGX:OU8) – Other notable mid-cap mentions

Other mid cap property players like Wing Tai (SGX:W05) and Centurion (SGX:OU8) could also benefit. However, they are not among our top picks, as their earnings outlook may be weaker (Wing Tai) or their valuations less compelling (Centurion) compared to Ho Bee and SingLand.

Wing Tai is a property developer and investment company operating across Singapore, Malaysia, Hong Kong, and China. Its core business includes residential property development, property investment, and retail. In June 2024, it secured a prime 99-year leasehold residential site in River Valley through the Government Land Sales (GLS) programme. Despite a FY2024 net loss of SGD 78.7 million largely from impairments and fair value losses in Hong Kong, its low net gearing of 6% provides strong financial flexibility for growth. The stock trades at 0.36X P/NAV, below its 10- and 20-year averages of 0.41X and 0.72X respectively.

Centurion is a niche real estate player specialising in purpose-built accommodation for workers and students across Singapore, Malaysia, the UK, and Australia. Its business model is highly resilient, supported by stable, recurring cash flows that make it less vulnerable to economic swings and market volatility. Demand drivers remain strong from government infrastructure projects and rising international student mobility. Building on this momentum, Centurion has entered into agreements for the proposed listing of Centurion Accommodation REIT. This allows the company to generate recurring fee income and monetise part of its assets to support future growth. The stock has surged over 80% year to date and now trades at a premium, with a P/NAV of 1.23X. That said, Centurion’s strong earnings momentum, stable cash flows, and upcoming REIT spin-off position it well for further upside over the medium to long term.

City Developments (SGX:C09), UOL (SGX:U14) – Large caps that could also benefit from EQDP

While mid-cap companies are likely to benefit the most from EQDP, select large caps stand to gain as well, having historically been overlooked by the market despite being significantly undervalued.

Table 2: Largest property developers by market capitalisation

Name	Market Cap	Current P/NAV	10Y Historical P/NAV	20Y Historical P/NAV
Hongkong Land	17.20B	0.46	0.38	0.57
CapitaLand Investment	13.72B	1.02	0.89	1.00
UOL	5.96B	0.52	0.59	0.72
City Developments	5.67B	0.64	0.80	1.22
Source: Bloomberg Finance L.P., iFAST Compilations Data as of 12 August 2025

Take City Developments (SGX:C09) for example. Despite its size and strong reputation, the stock is trading at a steep discount to its underlying value. CDL spans residential development, commercial and integrated projects, as well as a growing portfolio of income-generating investment properties. Its strong presence in Singapore is complemented by international exposure, giving it diverse earnings streams. With a P/NAV of 0.64X, City Developments (CDL) not only trades below its NAV, but is also priced well below its 10-year and 20-year historical averages of 0.80X and 1.22X, respectively (Figure 7). Additionally, accounting for the fair value gains on its investment properties, its revalued NAV (RNAV) would be even higher, pointing to significant re-rating potential. The management also guided a target payout of one third of net income as dividends every year.

Figure 7: CDL, one of the largest developers by market cap, trades at a significant discount

Figure 8: Over the long term, share prices generally move in line with earnings

Table 3: CDL earnings

	2024	2025E	2026E	2027E
Earnings Per Share (EPS)	0.21	0.39	0.43	0.50
Earnings Growth (%)	4.8%	85.7%	10.3%	16.3%
Dividend Yield (%)	1.6%	1.9%	1.8%	1.9%
Source: Bloomberg Finance L.P., iFAST Compilations Data as of 12 August 2025

Another undervalued large cap developer is UOL (SGX:U14). The company owns a broad portfolio of residential, commercial, hospitality assets, including its hotel subsidiary, Pan Pacific Hotels Group, and a significant stake in SingLand. Ongoing development projects like MEYER BLUE, Pinetree Hill, and Watten House are set to boost earnings in the coming years. Yet, like many local developers, it trades at a significant discount to its net asset value. At a current P/NAV of 0.52X, it is below the 10-year and 20-year historical averages of 0.59X and 0.71X respectively (Figure 9). With further upside from fair value gains on investment properties and future redevelopment opportunities, the estimated RNAV is significantly higher, making UOL an appealing opportunity for value investors.

Figure 9: UOL currently trades at a P/NAV of only 0.52X

Figure 10: Over the long term, share prices generally move in line with earnings

Table 4: UOL earnings

	2024	2025E	2026E	2027E
Earnings Per Share (EPS)	0.42	0.44	0.51	0.59
Earnings Growth (%)	-50.0%	4.8%	15.9%	15.7%
Dividend Yield (%)	3.5%	2.5%	2.5%	2.5%
Source: Bloomberg Finance L.P., iFAST Compilations Data as of 12 August 2025

EQDP could potentially trigger a re-rating of property shares

In a nutshell, the EDQP has shown to mark a revitalisation for Singapore’s equity market. By aiming to improve liquidity and attract broader investor participation, the EQDP brings long-overdue attention to undervalued real estate players on the SGX – potentially triggering a re-rating of their shares. We see compelling value in names with solid fundamentals, visible earnings, and attractive valuations. Ho Bee Land (SGX:H13) and SingLand (SGX:U06) are our preferred mid-cap picks, while City Developments (SGX:C09) and UOL (SGX:U14) stand out among large caps.

Declaration:

For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) and the analyst who produced this report hold a NIL position in the abovementioned securities.