Tycoon Ong Beng Seng's HPL Buys Concorde Hotel Singapore In Deal Valued At $620 Million [Forbes]
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Source: Forbes
A unit of Hotel Properties Ltd. (HPL) is buying out the Concorde Hotel in Singapore's main shopping strip in a deal valued at S$821 million ($621 million) as the developer controlled by tycoon Ong Beng Seng and wife Christina steps up investments in the city-state. The property, which sits on a 99,623 square feet site on Orchard Road, can be redeveloped into a mixed use hotel, residential and commercial complex, according to Savills Singapore, which brokered the transaction. HPL said it already owns 95.4% of the strata-titled asset. Concorde Hotel, comprising a 407-room and aretail podium, will be the second property on Orchard Road to be redeveloped by HPL. Last year, the Singapore-listed company won government approval to redevelop three of its adjoining prime properties in the area, a project that analysts estimate could cost between S$1 billion and S$2 billion. Orchard Road is getting a major facelift as the government aims to rejuvenate the shopping district as a pedestria
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