HPL Plans Majority Stake Sale in Singapore Orchard Road Assets

Hotel Properties Limited (HPL), led by embattled billionaire Ong Beng Seng, is exploring the sale of majority stakes in two key assets along Singapore's Orchard Road: the Forum shopping mall and voco Orchard hotel. The company is seeking a deal valuing these adjacent properties at around S$2 billion (approximately US$1.6 billion) as part of potential joint venture redevelopment plans. HPL obtained provisional government approval in August 2023 to redevelop these sites under a rejuvenation initiative for the Orchard Road district, though it intends to retain ownership of its headquarters, HPL House. Ong, who stepped down as managing director in April citing health reasons but remains involved strategically, is currently facing legal charges related to abetting former Transport Minister S Iswaran, though it remains unclear whether this controversy is connected to the planned asset sales. The company has advised shareholders to exercise caution as negotiations continue and no definitive agreements have been reached. HPL manages over 40 hotels globally, including the Four Seasons in Singapore and resorts in the Maldives.