Latest news with #HotelPropertiesLtd
Straits Times
a day 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
Bloomberg
a day ago
- Business
- Bloomberg
Billionaire Ong's HPL Looks to Cut Stakes in Singapore Retail Strip
By and Faris Mokhtar Save 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 ($1.6 billion), they said.
Business Times
2 days ago
- Business Times
Ong Beng Seng set to plead guilty on Aug 4
[SINGAPORE] Property tycoon Ong Beng Seng is expected to plead guilty on Aug 4, after several pre-trial conferences in relation to a case involving former transport minister S Iswaran were rescheduled. On Monday (Jul 28), court records were updated after a hearing was held in the morning. Ong remains on bail. The former managing director of Hotel Properties Ltd, Ong is widely known for bringing the Formula 1 night race to Singapore in 2008, and owns the rights to the Singapore Grand Prix (GP). He faces one charge of abetting offences under Section 165 of the Penal Code – which forbids public servants from accepting gifts from people involved with them in an official capacity – and one charge of abetting the obstruction of justice. The first charge, for abetting an offence under Section 165, relates to flights and a hotel stay. Ong allegedly offered Iswaran a trip to Doha in December 2022, and arranged for his private jet to fly him there. The flight was worth US$7,700. The second charge was for allegedly instructing Singapore GP director Mok Chee Liang, in May 2023, to bill Iswaran for the business-class ticket from Doha to Singapore – an action that would have obstructed the course of justice. Those found guilty of offences under Section 165 can be jailed for up to two years, fined, or both. Abetting an offence would result in the same punishment, if the offence is committed as a consequence of the abetment. The maximum penalty for obstructing the course of justice is jail time of up to seven years, a fine, or both.
Business Times
08-07-2025
- Business
- Business Times
Ong Beng Seng set for another pre-trial conference on Jul 23
[SINGAPORE] Property tycoon Ong Beng Seng is set for another pre-trial conference on Jul 23, with parties having been asked to file revised papers. This was after a pre-trial conference on Tuesday (Jul 8). The billionaire was previously set to plead guilty to two charges on Jul 3. But one day before that, his court hearing was rescheduled to Tuesday's pre-trial conference. Usually held in chambers, a pre-trial conference is a meeting between the court and the parties involved in a case to deal with administrative matters. The parties may also schedule future court dates. It does not mean the case will necessarily proceed to trial. Iswaran entanglement Ong, former managing director of Hotel Properties Ltd, is widely known for bringing the Formula 1 night race to Singapore in 2008, and owns the rights to the Singapore Grand Prix. He faces two charges: one of abetting offences under Section 165 of the Penal Code – which forbids public servants from accepting gifts from people involved with them in an official capacity – and another of abetting the obstruction of justice. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Both are in relation to former transport minister S Iswaran, who was handed a 12-month jail sentence last October. The Singapore Prison Service said last month that Iswaran is no longer under prison custody. The first charge, for abetting an offence under Section 165, relates to flights and a stay. Ong allegedly offered Iswaran a flight from Singapore to Doha on a private jet, worth US$7,700; a one-night stay at Four Seasons Hotel Doha worth S$4,737.63, through race promoter Singapore GP; and a business class flight from Doha to Singapore, worth S$5,700. The second charge was for allegedly instructing Singapore GP director Mok Chee Liang, in May 2023, to bill Iswaran for the flight from Doha to Singapore – an action that would have obstructed the course of justice. Those found guilty of offences under Section 165 can be jailed for up to two years, fined, or both. Abetting an offence would result in the same punishment, if the offence is committed as a consequence of the abetment.
Business Times
10-06-2025
- Business
- Business Times
Ong Beng Seng to plead guilty on Jul 3, in case involving former minister Iswaran
[SINGAPORE] Property tycoon Ong Beng Seng is expected to plead guilty to two charges on Jul 3, in a case involving former transport minister S Iswaran. This was announced after a pre-trial conference on Tuesday (Jun 10). Ong, managing director of Hotel Properties Ltd (HPL), is widely known as the man who brought the Formula 1 night race to Singapore in 2008, and owns the rights to the Singapore Grand Prix. He faces one charge of abetting offences under Section 165 of the Penal Code – which deals with public servants accepting gifts – and one charge of abetting the obstruction of justice. The first charge, for abetting an offence under Section 165, relates to flights and a hotel stay. Ong allegedly offered Iswaran a trip to Doha in December 2022, and arranged for his private jet to fly him there. The flight was worth US$7,700. 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 Ong also allegedly made arrangements through race promoter Singapore GP for a one-night stay at Four Seasons Hotel Doha, valued at S$4,737.63, and is said to have offered Iswaran a business-class flight from Doha to Singapore worth S$5,700. The second charge was for allegedly instructing Singapore GP director Mok Chee Liang, in May 2023, to bill Iswaran for the business-class ticket from Doha to Singapore – an action that would have obstructed the course of justice. Those found guilty of offences under Section 165 can be jailed for up to two years, fined, or both. Abetting an offence would result in the same punishment if the offence is committed as a consequence of the abetment. The maximum penalty for obstructing the course of justice is jail time of up to seven years, a fine, or both. Ong previously left Singapore in May to visit England, the United States and Italy between April 28 and May 16 for both medical and work-related purposes.
