Hongkong Land reportedly discussing stake purchase in Malaysian billionaire Ong Beng Seng's Singapore buildings

Hongkong Land is reportedly engaging in discussions regarding the potential purchase of stakes in three Singaporean buildings owned by Malaysian billionaire Ong Beng Seng. The reported assets include the voco Orchard hotel, the Forum shopping mall, and HPL House, which houses Hotel Properties' headquarters and the popular Hard Rock Cafe.

According to Bloomberg, these properties could be valued at over S$2 billion (US$1.6 billion), although the final valuation may change. The redevelopment of these properties into a mixed-use complex, comprising a hotel, retail, office, residential units, rooftop garden, and performance theater, received provisional government approval in 2023.

However, the firm has not yet made any decision on the sale or redevelopment of the properties. Hotel Properties, a Singapore-listed company, had previously announced in July that it had received interest from various parties regarding the redevelopment of certain properties within its portfolio. Despite this, the company remains committed to evaluating its redevelopment plans and preserving shareholder value.

Following the Bloomberg report, shares in Hotel Properties surged by 7.4%, but later fell by 1.6% to close at S$4.88. The company operates 41 hotels across 17 countries under brands like COMO Hotels & Resorts and Four Seasons Hotels & Resorts. In 2025, Hotel Properties reported a net loss of S$39.1 million in the first half of the year, down from a net profit of S$11.4 million the previous year.

The decline was attributed to reduced travel demand due to the Middle East conflict, which led to disruptions in air travel and increased airfares. Ong Beng Seng, who co-owns Hotel Properties with his wife Christina, stepped down as the firm's managing director earlier this year amid a scandal involving a former Singapore transport minister.

Ong, now fined S$30,000 for his role in obstructing justice, also owns the franchise for the Singapore Formula One Grand Prix. Together, Ong and Christina are among the wealthiest individuals in Singapore, ranking 30th on Forbes' list of the country's richest people with a combined net worth of US$2.1 billion.