Investment properties are a common driver of asset plays in land scarce countries like Singapore and Hong Kong, which also happen to be the financial hubs of the region. Valuing investment properties is a relatively straight forward endeavour as they are usually revalued every year by professionals. That being the case, we believe a conservative value investor should still reserve their judgement over such figures. We will elaborate more, as well as the concept of investor comfort level, through our analysis of Hong Fok Corporation. Trading at 165% MOS Hong Fok Corporation engages in the investment, development and construction of properties in Singapore and Hong Kong. The bulk of its value comes from its investment property portfolio which makes up 84.6% of total asset value, based on FY14 figures. As these are revalued on a yearly basis, we will assume that they are fair values for now. The intrinsic ......