Someone sent me the following extract of an analysis by Sebastian Chong on HongFok.

Comments :-
The 360 unit luxury condo known as Skyline has no “separate”
land cost. Basically, Hong Fok has just demolished its 20-year old
podium in the Concourse and is replacing it with the four blocks of
luxury condos. The piling for the foundation of the condo towers is
nearing completion. The units vary from 800 sq ft to 2,500 sq ft. I
estimate that the total revenue from the Skyline could exceed $1
billion. Assuming a profit before tax of $600 million or net profit of
$490 million. Divide this by 660 million shares, the net profit
contribution from the Skyline could be 74 cents per share. Add this
to the reported NAV of $1.22, we get an NAV of $1.96 by Dec
2013 even before adding:

1. the future net recurring profit from the existing 41-storey
office tower

2. the potential redevelopment of International Building at
Orchard Road (next to Shaw Centre and Shaw House).
International Building was revalued at $258 million by Knight
Frank on 24 Feb 2010 in its original condition with an old 12-
storey commercial building.

3. various small current developments/future redevelopments
If we take the above into consideration, the NAV of Hong Fok by
Dec 2013 could easily exceed $2.50 which is 5 times the closing
price on Thursday 27 May 2010. The redevelopment of
International Building is a big trump card which Hong Fok is not
mentioning at all in its annual report or to the media. I am not
surprised if they are just doing preliminary redevelopment concept
plans with architects. By the time it is redeveloped, it would be
2015 at the earliest.