MAINBOARD-LISTED Ho Bee Land said on Friday (Jul 14) that the group expects to report an overall net loss for the first half ended June 2023.

The property developer and investor said in a bourse filing that the losses are mainly attributable to fair-value loss based on indicative valuations of the group’s portfolio of investment properties in London.

“The fair-value loss on the London portfolio is non-cash in nature and arose mainly due to higher capitalisation rates,” the company said.

Further details will be disclosed when Ho Bee Land announces its H1 2023 results on or before Aug 10.

Shares of Ho Bee Land fell 1 per cent or S$0.02 to close at S$2.01 on Friday, before it announced the profit guidance.