Ong Beng Seng's HPL looks to cut stakes in Forum mall, voco Orchard hotel: sources
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.
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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
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CNA
an hour ago
- CNA
Dying or thriving? The curious case of Holland Village and One Holland Village's contrasting fortunes
Much has been made of the slow and painful loss of Holland Village's identity over the past year, following the closures of several longstanding establishments. These include the magazine stand Thambi, party shop Khiam Teck, soft-serve ice cream parlour Sunday Folks and furniture store Lim's Holland Village. More recently, Crystal Jade La Mian Xiao Long Bao shut its doors in June after two decades; and Wala Wala Cafe Bar, open since 1993, is expected to close before its lease ends this year. Whereas the end of a heritage business anywhere else in Singapore might evoke a general sense of sadness, the string of notable closures in Holland Village throughout 2024 to date means outrage and nostalgia are now practically synonymous with the neighbourhood's identity. And it would appear this identity is dying, at least judging by news headlines. In reality, the vibe shift is less clear-cut – the once-bustling expatriate enclave has not entirely faded into the background. ARE PARTS OF HOLLAND VILLAGE 'THRIVING'? Since breaking the news on the departures of Thambi, Khiam Teck and Lim's Holland Village in 2024, CNA Lifestyle has been a regular visitor to the neighbourhood. Over the past two months in particular, we have spent a couple of days each week observing foot traffic across various parts of Holland Village. Admittedly, the older pockets – particularly along Lorong Mambong and Lorong Liput – lack the vibrancy that once made the neighbourhood a cool hangout, even in mid-day. On weekday afternoons, most food and beverage (F&B) outlets see only a handful of patrons. Pre-pandemic, these stretches would've been teeming with office workers out for lunch – the lower footfall now could be related to the persistence of hybrid work arrangements. Still, the area hasn't grown completely quiet. Come evening, bars and restaurants see a noticeable uptick in activity, although the crowds no longer pack the streets as they once did. Amid the neighbourhood's supposed decline, casual dining restaurant Chip Bee Bistro – the brainchild of PS Cafe co-founder Peter Teo – opened on Jul 24 in the heart of Chip Bee Gardens in Holland Village. And then, there is One Holland Village, the mixed-use development under Far East Organization whose outdoor concept mall opened in December 2023. The lifestyle destination – which replaced the large open-air car park adjacent to Lorong Mambong and Lorong Liput – has successfully drawn crowds since its opening, including during weekdays. And it's particularly popular among pet owners for its pet-friendly approach. It is hardly the ghost town that many seem to associate with its surrounding vicinity. For Professor Chang Tou Chuang, who teaches social and cultural geography at the National University of Singapore (NUS), One Holland Village is 'thriving to the point where (sometimes) you cannot go there for a meal without a reservation'. But even outside the neighbourhood's newest lifestyle hub, he's had to wait 45 minutes on a Monday afternoon for a foot massage in Holland Road Shopping Centre – despite some floors of the place having gotten 'very, very quiet' thanks to vacant shop lots. 'So although we say some places are dying, the manicure and massage and foot reflexology places are still taking a huge chunk of units on the third floor there. They're not F&B (so) they provide something totally different,' he told CNA Lifestyle. "When we say the whole of Holland Village is going to decline, (we have to) be very precise which parts we mean," he cautioned. The area cannot be treated as a 'homogenous whole'. ONE HOLLAND VILLAGE AS CASE STUDY Despite nostalgia-driven narratives, the urge to save what's left of the Holland Village many of us remember feels counterproductive at this stage with change well underway. With the last two vestiges of its 'architectural identity' – party shop Khiam Teck and magazine stand Thambi – now gone, there is scant physical structure remaining that would be considered central to Holland Village's soul, Prof Chang believes. Rather, the neighbourhood's iconic identity has always been tied to its buzzing atmosphere created by crowds 'milling around'. And there's still hope that it can return. As such, what matters more now is how Holland Village – and in particular the emergence of One Holland Village – can offer lessons on what meaningful urban evolution might look like in Singapore. A survey of 2,000 people in Singapore aged 16 and above, conducted in 2021 by DesignSingapore Council and various government agencies, found that the top reason people love places in their neighbourhoods is that they can spend time with their loved ones there. The second most common reason was that these places granted them a space to take a breather and escape everyday life. And as far as some who spoke to CNA Lifestyle were concerned, One Holland Village has been able to tick these boxes through its 'placemaking' – the process of designing public spaces into places that foster community connection, identity and liveability. Office worker Raynaldo Pagsinohin shared that he enjoys visiting the mall during lunch, often by himself. The 58-year-old, who has been working at Buona Vista for 16 years, used to head to One-north or Clementi for lunch. Now, he's at One Holland Village around twice a week, largely drawn to the area by its open concept, green architecture and many seats available for people-watching. The relaxing ambiance is 'friendly to my eyes', he said, highlighting its similarity to another of his favourite spots, HillV2 at Hillview. The mixed-use development in Bukit Batok is also part of Far East Organization's slate of malls, and adopts a similar design. Meanwhile, 51-year-old Ruby Huang frequents One Holland Village once a week, because most of the restaurants are pet-friendly. Even if they don't allow pets inside, there is plenty of outdoor seating, the owner of a corgi said. She's not alone. The mall can feel 'a bit overwhelming' with even more pet-owners and their pets on weekends, she added, but noted that the crowd is a good sign. 'It's thriving to the point that Holland Road Shopping Centre now says pets are welcome too, not just in the (CS Fresh) supermarket, although you must still put them into a stroller (when you're inside the building). That change only happened after One Holland Village opened, I believe.' WHAT MAKES A PLACE When it comes to placemaking, the key lies less in applying novel concepts and more in understanding how the community will use the space. According to the Urban Redevelopment Authority's (URA) 2021 report, How To Make A Great Place, 'the small details matter'. For example, the way seating is arranged can influence the way people enjoy use and enjoy the space. The design of spaces should create opportunities for 'chance encounters and social interactions', the report said. At One Holland Village, for instance, the Village Square is a 530sqm open-air public space sheltered by a canopy. It creates a 'central focal point' for gatherings, events and performances by offering a shared space that invites community participation, said Far East Organization's executive director for property services Marc Boey. The chairs and tables in the Village Square are available for anyone to arrange to their liking at any time, added NUS' Prof Chang. It's an example of how an urban space 'provides the resources and lets people use them' however they wish, giving them a sense of responsibility to the wider community. It aligns with one of the elements that make a great place, as stated in the URA report. Such a place "allows for flexible use of space, and inspires spontaneity and creativity, for people to make the place feel like their own.' Consider also the staple busking act in One Holland Village. Prof Chang noted that while such performers require a permit, their presence and constant music makes the place feel welcoming. 'It doesn't seem very obvious that this person has been approved by any licensing unit. It feels organic; it doesn't feel thought-out even though it is,' he said, and added that it takes a 'very skilled planner' to curate a place that patrons can connect with effortlessly. The URA report also identified elements such as reflecting local identity and ensuring easy accessibility as key to making a great place. For One Holland Village, the need to complement and respect the neighbourhood's existing 'low-rise, shopping-street character' was a 'deliberate and central tenet' of the planning process, said Boey. Key considerations included the thoughtful integration of building forms and materials, as well as enhancing public connectivity, he added. 'We considered the terrain, climate and character of the surrounding shophouses and homes.' The team also worked with authorities to create a 'seamless flow' between the mall and the adjacent hawker centre – and some have taken notice. Dr Felicity Chan from the Lee Kuan Yew Centre for Innovative Cities at the Singapore University of Technology and Design (SUTD) was initially sad to see Holland Village's 'low-rise feel' start to fade, but was happy with how the neighbourhood's new entrant adapted. 'I feel like One Holland Village didn't try too hard to blend, but they did try not to create something that's outlandishly different. They understood that the street should continue into the mall, and those are very beautiful, subtle gestures,' said the deputy director for the Master of Science in Urban Science, Policy and Planning. 'This is probably the result of post-COVID space design which is more open – but this is also the feel of Holland Village. It's never been a closed-up space. So I'm glad that when they developed the mall, they respected the vibes.' WILL ONE HOLLAND VILLAGE'S SUCCESS BRING CROWDS BACK? For now, the success of One Holland Village doesn't appear to have spilt over to the surrounding areas. This could be due to factors like weather and parking convenience among others. 'When you have a huge parking lot underneath (One Holland Village) and in this kind of (hot and wet) weather – where you don't want to be walking so much – you'll stay in the shade,' said Dr Chan. 'Now people can just go straight up from the car park. They don't have a need to venture out (into the older parts of Holland Village) anymore.' As a result, one part of Holland Village ends up 'cannibalising the other', added Prof Chang. Still, even within One Holland Village, F&B outlets appear to be less packed compared to months after the mall's opening. The restaurant manager at Extra Virgin Pizza, who declined to be named, told CNA Lifestyle the weekday lunch crowd isn't 'too much' – there were a handful of customers on the couple of days we passed by – but it picks up at dinner time and on weekends as expected. He noted that the footfall used to be higher when the outlet first opened. Japanese cafe Tsujiri's owner Andrew Goh shared similar concerns, despite the F&B outlet being at a prominent spot on Level 2 near the escalator. Over the past nine months, his sales have fallen by at least 40 per cent – a decline that he pegged to more people travelling to Malaysia during the weekends and the death of novelty over the mall's pet-friendly concept. 'We are expecting a better crowd than what it is now (around 700 customers per month), but we have to (carry) on and hopefully the whole market situation will be better as soon as possible,' he said. In other words, it might take much more to rejuvenate Holland Village as a whole and for the long term. This goes beyond ensuring tenants find it financially sustainable to stick around. Dr Chan pointed to introducing a Business Improvement District (BID) as a possible starting point. The business-led and funded initiative encourages businesses and local communities to take greater ownership in developing projects that enhance their precincts. 'There will always be the tension of having to leave something behind, but it's not that you cannot enjoy One Holland Village as it is,' she said. 'I think more effort could be made (for) Holland Village (to become) a business improvement district, so it doesn't need to be the case where one part thrives and the other dies. It's about the whole neighbourhood. Because One Holland Village, if not for Holland Village, would be really out of place.'
Business Times
2 hours ago
- Business Times
Europe: Shares log biggest daily drop since April after US tariffs hike
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Independent Singapore
9 hours ago
- Independent Singapore
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