The stock recovered slightly but was still down 4.14 per cent at S$3.70 in the afternoon. DBS previously said HPL has a target price of S$4.35.
As managing director, Mr Ong, 77, is the most senior executive in HPL and bears executive responsibility for the management of the company and the group, according to the company's annual report. "While we lack verified information to form a definitive opinion by the announcement made by HPL’s managing director Mr Ong Beng Seng being called up for a meeting with CPIB, we believe that the company is fundamentally strong," Mr Tan told CNA in an email.
"Where can we find such promising value for Singapore real estate? Apart from Bukit Sembawang, the developer of landed homes in Singapore, the next developer with such attractive 'landbank' is HPL," Mr Tan said.