SINGAPORE: Tycoon Ong Beng Seng’s Hotel Properties Limited was given approval from the Government for the redevelopment of three of its prime properties on Orchard Road.
Forbes reported on Aug 28 (Monday) that the redevelopment of the Forum shopping centre, voco Orchard Hotel, and HPL House could have a price tag of between S$1 billion and S$2 billion.
The three properties are to be redeveloped into a mixed-use project made up of a hotel, retail, office, and residences, in a proposal that includes a 64-story skyscraper that has a 43-story tower, a separate 29-story block, a rooftop garden, and a performance theatre.
“The proposed redevelopment will transform this part of Orchard Road into a vibrant, energetic, significant, and prominent precinct. It will be the focal point to the North West of Orchard Road, a new critical mass of mixed activities, a gateway destination on Orchard Road and provide connectivity between the site and neighboring developments,” Forbes quotes HPL as saying in a regulatory filing.
The proposed redevelopment of the three Orchard Road properties will be the largest in the area so far.
The shares of HPL closed at $3.90 on Aug 28, nearly 11 per cent higher.
And while Mr Ong built his name and fortune as a hotelier, he is best known for bringing the Formula 1 Grand Prix to Singapore. He is the sole shareholder of the event, the first Formula 1 street race in Asia and the first race to be held at night in F1’s history.
He has continued as the managing director of HPL, and preparations for the Singapore Grand Prix 2023 are ongoing.
Mr Ong and Transport Minister S Iswaran are still the subject of an investigation from the Corrupt Practices Investigation Bureau (CPIB), which was announced in early July. However, no charges have been brought against Mr Ong, who was given a notice of arrest last month. /TISG
Ong Beng Seng’s US$ 1 billion net worth and other interesting facts about the tycoon