Hongkong Land reportedly in talks for majority stake in Orchard Road properties
A potential transaction could value the three Singapore properties at more than S$2 billion, but Hotel Properties says no sale or redevelopment decision has been made.
Hongkong Land is discussing buying a majority interest in three neighbouring Singapore properties belonging to Malaysian billionaire Ong Beng Seng's Hotel Properties, Bloomberg reported, citing people with knowledge of the matter. The assets are the voco Orchard hotel, Forum shopping mall and HPL House.
The properties could be valued at more than S$2 billion in a sale, according to the people cited by Bloomberg. They said negotiations were preliminary, a transaction might not proceed and the valuation could change. HPL House accommodates the headquarters of Hotel Properties and a Hard Rock Cafe.
Hotel Properties responded in a stock exchange filing that it had made no decision about selling or redeveloping its properties. The Singapore-listed company pointed to earlier disclosures, including a July announcement that several parties had expressed interest in redeveloping some portfolio properties, without any certainty of an agreement.
The Orchard Road sites obtained provisional government permission in 2023 for a mixed-use redevelopment. The proposed complex includes hotel accommodation, shops, offices, homes, a rooftop garden and a performance theatre. Hotel Properties said it would keep reviewing its redevelopment plans.
