The performance of the world’s best property stock this year may have nothing to do with real estate. Philippines-based Golden Haven has surged more than 1,400 per cent this year, outpacing more than 2,700 other real estate stocks globally.
While the cemetery builder’s recent push into the affordable housing market is seen as part of the reason, an even bigger factor appears to be speculation that billionaire founder Manuel Villar may use it as a vehicle to become the country’s newest telecom carrier.
The shares rose as much as 20 per cent on Friday to a record, adding to a rally that has driven the company’s market valuation to more 200 billion pesos.
