HIAG generated approximately $28.7 million of profit from condominium sales at the second phase of its Chama development during the first half of 2026, with 96% of the project’s 73 condominiums already sold or reserved by mid-year. The development was a major contributor to a sharp increase in the Swiss real estate company’s first-half earnings.
Only three condominiums remained available as of the reporting date. The project’s 67 rental apartments were also fully leased several months before tenants were scheduled to move in, demonstrating strong demand across both the for-sale and rental components of the Chama development.
The approximately $28.7 million contribution compares with no profit from Chama condominium sales during the first half of 2025. Combined with higher property valuations and gains from asset disposals, the development helped HIAG nearly double overall earnings.
First-half net income increased 90.4% to approximately $104.7 million from $54.9 million. Even before changes in asset values, net income increased 80.2% to approximately $45.4 million from $25.2 million. EBIT rose 92.7% to approximately $130.1 million from $67.6 million.
Investment-property appreciation contributed another approximately $65.7 million to the result, compared with $32.7 million in the prior-year period. Of the 2026 appreciation, approximately $48.9 million related to the development portfolio and $16.7 million to the yielding portfolio.
HIAG’s development activity is also creating additional recurring rental income. The company completed the 80-meter Alto residential tower in Zurich-Altstetten on schedule and on budget in March. All 149 rental apartments and the commercial premises were fully leased shortly after completion, generating current annual rental income of approximately $7.8 million.
Reported property income fell 3.3% to approximately $46.8 million because of asset disposals and lease terminations, although like-for-like property income increased 3.8%. Portfolio vacancy declined to 2.8% as of July 1 from 3.2% at the beginning of 2025. HIAG expects rental income to finish 2026 slightly above the prior-year level as recently completed projects contribute more fully.
The total portfolio value reached approximately $2.55 billion during the period. HIAG maintained an equity ratio of 56.4% and a net loan-to-value ratio of 39.2%, compared with 57% and 37.3%, respectively, at the end of 2025.
The company also retains substantial capacity for future investments. HIAG has an approximately $615.6 million sustainability-focused syndicated credit facility, of which about $430.9 million remained freely available at the reporting date, providing capital for additional development projects, yielding assets and potential acquisitions.
With Chama contributing profits from condominium sales and projects such as Alto expanding recurring rental income, HIAG is using development activity both to realize near-term gains and build its longer-term yielding property base. Management said the first-half result and expected second-half progress leave the company on track for another strong full-year result following its record performance in 2025.
