News Analysis: The next Gen steps up

  • Appointment of Mr Nicholas Chua as CEO as Ho Bee Land.  
  • Redesignation of Mr Chua Thian Poh to Executive Chairman and appointment of Mr Desmond Woon as advisor to the group. 
  • Ho Bee well positioned to capture opportunities in the post COVID-19 world but will they do the “double leap” to extract value to enhance its acquisition firepower. 
  • Maintain BUY with a TP of S$3.80

Appointment of Mr Nicholas Chua as CEO. Nicholas who is currently the Deputy CEO of Ho Bee Land, will be appointed as its Executive Director and CEO with effect from 1 January 2022. He joined the group in 2002 and held several senior management positions in the Group. As its Deputy CEO, he has been spearheading the expansion of the Group’s development footprint in Australia and China, and the growth of the investment portfolio in Europe and the United Kingdom. Most recently, HBL expanded its footprint in Australia by acquiring four residential development sites in Australia for a combined price of A$257m. The two sites in the state of Victoria and two in Queensland are expected to yield a total of c.2,176 residential lots.

Redesignation of Mr Chua Thian Poh as Executive Chairman. Concurrently, Mr Chua Thian Poh will be redesignated as Executive Chairman of HBL on 1 January 2022. Mr Chua is the founder of Ho Baa Land and he has been the Group’s Chairman and CEO since its listing on the Singapore Exchange in 1999. He has been instrumental in building HBL into what it is today, Singapore’s leading developer of luxury homes in the exclusive enclave of Sentosa Cove, and HBL boasts a portfolio of quality commercial properties in Singapore’s One-North precinct and several others in the UK and Europe.


Retirement of Mr Desmond Woon as Executive Director. Mr Desmond Woon was one of the pioneers at HBL and has been its Executive Director since 1995. He currently oversees the Group’s corporate governance, finance, accounting, tax, legal, risk management, and investor relations. Despite his retirement, Desmond will continue to provide his wealth of knowledge and share his expertise and experience through his new appointment as Senior Advisor of HBL.

We would like to take this opportunity to wish Mr Chua Thian Poh and Mr Desmond Woo well in their new capacity within the Group. More importantly, we would like to congratulate Mr Nicholas Chua on his appointment as CEO and look forward to his leadership and transformation of HBL into a developer with a diversified portfolio and a growing investment property portfolio. 


Where Ho Bee take the “double leap up” in its next phase of growth. In recent years, HBL has steadily built up its portfolio of investment properties in Singapore, Europe and the UK which accounts for more than 90% of its revenues currently. On the development front, HBL continues its ongoing expansion in China and the building up of its landbank in Australia which will drive more development profits in the years to come. Having highlighted the merits of restructuring or monetising of its investment portfolio in our earlier report (Ho Bee Land – Diamond in the rough), we believe that this could be something that will take the Group into its next phase of transformation. We look forward to seeing Nicholas leading HBL into its next phase!