Hongkong Land Holdings Ltd. is in discussions with Ong Beng Seng's Hotel Properties Ltd. to buy a majority stake in three buildings in Singapore's Orchard Road shopping belt, according to people familiar with the matter. The assets comprise hotel voco Orchard, shopping mall Forum, and HPL House, which houses Hotel Properties' headquarters and Hard Rock Cafe. A potential deal could involve the developer, controlled by Hong Kong's Jardine Matheson Holdings Ltd., investing in the three adjacent properties earmarked for development. The people said discussions are at an early stage and could conclude without a deal. A stake sale would likely value the assets at over S$2 billion ($1.6 billion), though that is subject to change.
Hotel Properties has faced challenges since co-founder Ong Beng Seng was convicted last year in a scandal that led to the imprisonment of a senior politician in Singapore. The Malaysian tycoon, who controls the firm with his wife Christina through a roughly 60% stake, relinquished his decades-long tenure as managing director citing medical conditions. He avoided a jail sentence and was fined. The company has been looking to reduce its stakes in the voco hotel and Forum mall, and now includes HPL House in the assets for sale after talks with other interested parties fell through.
Hotel Properties received provisional government approval in 2023 to redevelop the three properties into a mixed project with a hotel, retail, office and residential components, plus a rooftop garden and performance theater. Some potential partners have balked at the plans due to uncertainties, including concerns over the theater's profitability and years of lost income during the transformation. The company swung to a net loss of S$39.1 million in the first half of 2026, compared with a profit of S$11.4 million a year earlier.
For Hongkong Land, a purchase would expand its presence in Singapore's retail strip. A new fund backed by the firm said in July it was buying Wheelock Place mall for S$1.1 billion from Wharf Real Estate Investment Co. Wharf's controlling shareholder, Hong Kong billionaire Peter Woo, also owns about a fifth of Hotel Properties' shares.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing