Latest news with #OngBengSeng
The Star
36 minutes ago
- Business
- The Star
HPL looks to cut stakes in Singapore retail strip
HPL's embattled billionaire Ong Beng Seng. — Reuters SINGAPORE: The property firm of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Singapore's Orchard Road shopping strip, according to people familiar with the matter. Hotel Properties Ltd or HPL is in talks to sell majority stakes in the Forum shopping mall, as well as the voco Orchard hotel, according to the people, who asked not to be identified discussing private matters. The firm is seeking a deal that would value the two adjacent assets for at least S$2bil (US$1.6bil), they said. A spokesperson for Singapore-listed Hotel Properties declined to comment. The firm has interests in more than 40 hotels across the globe, including the Four Seasons in Singapore, as well as resorts in the Maldives. Ong, 79, has been in the spotlight in the last couple of years after being implicated in a scandal that led to the imprisonment of a senior politician in Singapore. Ong has indicated he plans to plead guilty on Aug 4 after being charged last year for abetting former Transport Minister S. Iswaran over two flights and a night's stay at the Four Seasons in Doha. It's unclear whether the case has any relation to the firm's planned asset sales. Hotel Properties won provisional permission from authorities in August 2023 to redevelop the two sites, along with its company headquarters, HPL House. That was part of a government plan to rejuvenate the luxury Orchard Road shopping district by allowing developers to seek more space or change of use for older buildings. The company intends to keep its ownership of HPL House under the potential sale, the people said. It said earlier this year in its annual report that redevelopment plans are 'being refined for submission to the relevant authorities'. In April, Ong relinquished his decades-long tenure as managing director of Hotel Properties. Two long-time executives replaced him, after he cited a desire to devote more time to his medical issues. But he continues to provide 'strategic oversight and direction' to the firm. Together with his wife Christina, the tycoon controls Hotel Properties with a roughly 60% stake. The next largest shareholder is Hong Kong billionaire Peter Woo. The Forum mall is valued at about S$990mil, group executive director Christopher Lim said at the company's annual meeting in April. That estimate doesn't account for the redevelopment. He declined to comment on the value of the voco, formerly the Hilton Singapore, saying the company didn't have a valuation for it. Hotel Properties is set to gain full ownership in August of the Concorde, an S$821mil shopping mall and hotel complex on Orchard Road, after buying out minority stakes it didn't own. The company's stock has soared 46% this year, almost four times the gain in Singapore's Straits Times Index. — Bloomberg
Business Times
11 hours ago
- Business
- Business Times
Ong Beng Seng's HPL looks to cut stakes in Forum mall, voco Orchard hotel: sources
[SINGAPORE] The property firm of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Singapore's Orchard Road shopping strip, according to people familiar with the matter. Hotel Properties Ltd (HPL) is in talks to sell majority stakes in the Forum shopping mall, as well as the voco Orchard hotel, according to the people, who asked not to be identified discussing private matters. The firm is seeking a deal that would value the two adjacent assets for at least S$2 billion, they said. A spokesperson for Singapore-listed Hotel Properties declined to comment. The firm has interests in more than 40 hotels across the globe including the Four Seasons in Singapore, as well as resorts in the Maldives. Ong, 79, has been in the spotlight in the last couple of years after being implicated in a scandal that led to the imprisonment of former transport minister S Iswaran in Singapore. Ong has indicated he plans to plead guilty on Aug 4 after being charged last year for abetting Iswaran over two flights and a night's stay at the Four Seasons in Doha. It's unclear whether the case has any relation to the firm's planned asset sales. HPL won provisional permission from authorities in August 2023 to redevelop the two sites, along with its company headquarters, HPL House. That was part of a government plan to rejuvenate the Orchard Road shopping district by allowing developers to seek more space or change of use for older buildings. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The company intends to keep its ownership of HPL House under the potential sale, the people said. It said earlier this year in its annual report that redevelopment plans are 'being refined for submission to the relevant authorities.' In April, Ong relinquished his decades-long tenure as managing director of Hotel Properties. Two long-time executives replaced him, after he cited a desire to devote more time to his medical issues. But he continues to provide 'strategic oversight and direction' to the firm. Together with his wife Christina, the Malaysian tycoon controls HPL with a roughly 60 per cent stake. The next largest shareholder is Hong Kong billionaire Peter Woo. The Forum mall is valued at about S$990 million, Group executive director Christopher Lim said at the company's annual meeting in April. That estimate does not account for the redevelopment. He declined to comment on the value of the voco, formerly the Hilton Singapore, saying the company did not have a valuation for it. HPL is set to gain full ownership in August of the Concorde, an S$821 million shopping mall and hotel complex on Orchard Road, after buying out minority stakes it did not own. The company's stock has soared 46 per cent this year, almost four times the gain in the Straits Times Index. BLOOMBERG
Business Times
13 hours ago
- Business
- Business Times
Ong Beng Seng's HPL looks to cut stakes in Singapore's Orchard Road
[SINGAPORE] The property firm of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Singapore's Orchard Road shopping strip, according to people familiar with the matter. Hotel Properties Ltd (HPL) is in talks to sell majority stakes in the Forum shopping mall, as well as the voco Orchard hotel, according to the people, who asked not to be identified discussing private matters. The firm is seeking a deal that would value the two adjacent assets for at least S$2 billion, they said. A spokesperson for Singapore-listed Hotel Properties declined to comment. The firm has interests in more than 40 hotels across the globe including the Four Seasons in Singapore, as well as resorts in the Maldives. Ong, 79, has been in the spotlight in the last couple of years after being implicated in a scandal that led to the imprisonment of a senior politician in Singapore. Ong has indicated he plans to plead guilty on Aug 4 after being charged last year for abetting former transport minister S Iswaran over two flights and a night's stay at the Four Seasons in Doha. It's unclear whether the case has any relation to the firm's planned asset sales. Hotel Properties won provisional permission from authorities in August 2023 to redevelop the two sites, along with its company headquarters, HPL House. That was part of a government plan to rejuvenate the luxury Orchard Road shopping district by allowing developers to seek more space or change of use for older buildings. The company intends to keep its ownership of HPL House under the potential sale, the people said. It said earlier this year in its annual report that redevelopment plans are 'being refined for submission to the relevant authorities.' A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In April, Ong relinquished his decades-long tenure as managing director of Hotel Properties. Two long-time executives replaced him, after he cited a desire to devote more time to his medical issues. But he continues to provide 'strategic oversight and direction' to the firm. Together with his wife Christina, the Malaysian tycoon controls Hotel Properties with a roughly 60 per cent stake. The next largest shareholder is Hong Kong billionaire Peter Woo. The Forum mall is valued at about S$990 million, Group executive director Christopher Lim said at the company's annual meeting in April. That estimate does not account for the redevelopment. He declined to comment on the value of the voco, formerly the Hilton Singapore, saying the company did not have a valuation for it. Hotel Properties is set to gain full ownership in August of the Concorde, an S$821 million shopping mall and hotel complex on Orchard Road, after buying out minority stakes it did not own. The company's stock has soared 46 per cent this year, almost four times the gain in Singapore's Straits Times Index. BLOOMBERG
Yahoo
18 hours ago
- Business
- Yahoo
Billionaire Ong Beng Seng's HPL looks to cut stakes in Singapore retail strip
By Low De Wei and Faris Mokhtar (Bloomberg) — The property firm of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Singapore's Orchard Road shopping strip, according to people familiar with the matter. Hotel Properties Ltd is in talks to sell majority stakes in the Forum shopping mall, as well as the voco Orchard hotel, according to the people, who asked not to be identified discussing private matters. The firm is seeking a deal that would value the two adjacent assets for at least S$2 billion (US$1.6 billion), they said. A spokesperson for Singapore-listed Hotel Properties declined to comment. The firm has interests in more than 40 hotels across the globe including the Four Seasons in Singapore, as well as resorts in the Maldives. Ong, 79, has been in the spotlight in the last couple of years after being implicated in a scandal that led to the imprisonment of a senior politician in Singapore. Ong has indicated he plans to plead guilty on 4 Aug after being charged last year for abetting former Transport Minister S Iswaran over two flights and a night's stay at the Four Seasons in Doha. It's unclear whether the case has any relation to the firm's planned asset sales. Hotel Properties won provisional permission from authorities in August 2023 to redevelop the two sites, along with its company headquarters, HPL House. That was part of a government plan to rejuvenate the luxury Orchard Road shopping district by allowing developers to seek more space or change of use for older buildings. The company intends to keep its ownership of HPL House under the potential sale, the people said. It said earlier this year in its annual report that redevelopment plans are 'being refined for submission to the relevant authorities.' In April, Ong relinquished his decades-long tenure as managing director of Hotel Properties. Two long-time executives replaced him, after he cited a desire to devote more time to his medical issues. But he continues to provide 'strategic oversight and direction' to the firm. Together with his wife Christina, the Malaysian tycoon controls Hotel Properties with a roughly 60 per cent stake. The next largest shareholder is Hong Kong billionaire Peter Woo. The Forum mall is valued at about S$990 million, Group Executive Director Christopher Lim said at the company's annual meeting in April. That estimate doesn't account for the redevelopment. He declined to comment on the value of the voco, formerly the Hilton Singapore, saying the company didn't have a valuation for it. Hotel Properties is set to gain full ownership in August of the Concorde, an S$821 million shopping mall and hotel complex on Orchard Road, after buying out minority stakes it didn't own. The company's stock has soared 46 per cent this year, almost four times the gain in Singapore's Straits Times Index. More stories like this are available on ©2025 Bloomberg L.P.
Straits Times
19 hours ago
- Business
- Straits Times
Ong Beng Seng's HPL looks to cut stakes in Forum shopping mall, voco Orchard hotel: Sources
Hotel Properties Ltd. (HPL) is in talks to sell majority stakes in the Forum shopping mall. SINGAPORE – The property firm of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Singapore's Orchard Road shopping strip, according to people familiar with the matter. Hotel Properties Ltd. (HPL) is in talks to sell majority stakes in the Forum shopping mall, as well as the voco Orchard hotel, according to the people, who asked not to be identified discussing private matters. HPL is seeking a deal that would value the two adjacent assets for at least $2 billion, they said. A spokesperson for Singapore-listed HPL declined to comment. The firm has interests in more than 40 hotels across the globe including the Four Seasons in Singapore, as well as resorts in the Maldives. Ong, 79, has been in the spotlight in the last couple of years after being implicated in a scandal that led to the imprisonment of a senior politician in Singapore. Ong has indicated he plans to plead guilty on Aug 4 after being charged in 2024 for abetting former Transport Minister S. Iswaran over two flights and a night's stay at the Four Seasons in Doha. It's unclear whether the case has any relation to the firm's planned asset sales. HPL won provisional permission from authorities in August 2023 to redevelop the two sites, along with its company headquarters, HPL House. That was part of a government plan to rejuvenate the Orchard Road shopping district by allowing developers to seek more space or change of use for older buildings. The company intends to keep its ownership of HPL House under the potential sale, the people said. It said earlier this year in its annual report that redevelopment plans are 'being refined for submission to the relevant authorities.' In April, Ong relinquished his decades-long tenure as managing director of HPL. Two long-time executives replaced him, after he cited a desire to devote more time to his medical issues. But he continues to provide 'strategic oversight and direction' to the firm. Together with his wife Christina, the Malaysian tycoon controls HPL with a roughly 60 per cent stake. The next largest shareholder is Hong Kong billionaire Peter Woo. The Forum mall is valued at about $990 million, group executive director Christopher Lim said at the company's annual meeting in April. That estimate doesn't account for the redevelopment. He declined to comment on the value of the voco, formerly the Hilton Singapore, saying the company didn't have a valuation for it. HPL is set to gain full ownership in August of the Concorde, an $821 million shopping mall and hotel complex on Orchard Road, after buying out minority stakes it didn't own. The company's stock has soared 46 per cent this year, almost four times the gain in Singapore's Straits Times Index. It was trading up 1.5 per cent, or eight cents, at $5.29 as at 10.15am on July 29. BLOOMBERG
