Net proceeds will be used to refinance existing borrowings and fund working capital requirements

[SINGAPORE] Real estate player   Hotel Properties Ltd   : H15 +0.43% (HPL) has priced S$150 million in perpetual securities at 4.38 per cent. 

 

The securities, issued under HPL&rsquo s S$2 billion multicurrency debt issuance programme, have no fixed maturity and are callable from March 25, 2031. Subsequent resets will happen every five years thereafter. 

 

Distributions will be paid semi-annually in March and September, with the first payment scheduled for Sep 25, 2026. 

 

The initial rate of 4.38 per cent will apply until the first reset date in March 2031, after which it will be reset at the equivalent of the five-year Singapore Overnight Rate Average Overnight Index Swap plus an initial spread of 2.597 per cent and a step-up margin of 1 per cent.

 

An additional margin of 3 per cent may apply for a change of control event, HPL said on Wednesday (Mar 18).

 

The group expects to issue the securities on Mar 25. It will apply for their listing and quotation on the Singapore Exchange. 

 

Net proceeds from the debt issuance will go towards refinancing existing borrowings and funding working capital requirements for the group and its subsidiaries, HPL said. 

 

HPL on Feb 27 reported a net loss of S$57.7 million for the six months ended Dec 31, 2025, reversing from a net profit of S$32.1 million the year before. 

 

The results translated to a loss per share of S$0.1174, compared with its earnings per share of S$0.0547 for H2 FY2024.

 

It says that tourist arrivals grew in 2025, but that geopolitical, trade and interest-rate uncertainty could hurt the business environment

 

[SINGAPORE] Hotel Properties Limited (HPL) on Friday (Feb 27) reported a net loss of S$57.7 million for H2 FY2025, reversing from a net profit of S$32.1 million the year prior.

 

Revenue for the full year stood at S$364.2 million, an improvement from S$345.6 million previously.

 

The results translate to a loss per share of S$0.1174, compared to earnings per share of S$0.0547 in H2 2024.

 

The board of directors has recommended a first and final dividend of S$0.04 per share, subject to shareholders&rsquo approval.

 

In FY2025, the group recorded a net loss of S$46.2 million, compared to a net profit of S$27.2 million the year before.

 

Revenue went up by 7.2 per cent to S$742.7 million, from the S$692.9 million recorded in FY2024.

 

Gross profit for FY2025 increased by 6.8 per cent to S$153.5 million from S$143.7 million the year before. The increase was attributed mainly to the opening of the Four Seasons Hotel Osaka in August 2024, said HPL.

 

Notably, the group had disposed of assets with net book value of S$2 million in FY 2025, more than the S$1.1 million in assets disposed of in the preceding financial year.    

 

For FY2025, the group recorded a mark-to-market fair-value loss of S$16.3 million on long-term investments, higher than the S$1.5 million loss the preceding year. Finance cost also went up to S$108.2 million from S$105.6 million in FY 2024, mainly from higher borrowings.

The group announced the completion of the acquisition of a New Zealand-incorporated company, which owns the Intercontinental Auckland, for approximately S$140.9 million at the end of the financial year.

 

HPL said that while international tourist arrivals grew in 2025, uncertainty stemming from geopolitical risks, trade tensions and volatile interest rates could continue to affect the overall business environment.

Earnings per share for the period was S$0.0134, up from a loss per share of S$0.0162 in the year before

 

[SINGAPORE] Hotel Properties (HPL) : H15 0%, which is owned by real estate tycoon Ong Beng Seng, on Thursday (Aug 14) posted a net profit of S$11.4 million for the half-year ended Jun 30, reversing from its net loss of S$4.9 million in the corresponding year-ago period.

 

This comes as the group&rsquo s revenue grew 9 per cent on-year to S$378.4 million, from S$347.3 million.

 

Gross profit also increased 3.5 per cent from S$82.3 million for H1 FY2024 to S$85.2 million for the half-year under review. The increase was mainly attributable to the opening of Four Seasons Hotel Osaka in August last year, noted the group in a bourse filing.

 

Earnings per share for the period stood at S$0.0134, up from a loss per share of S$0.0162 in the year before.

 

For the half-year ended Jun 30, the group recorded a mark-to-market fair-value loss on long-term investments of S$9.3 million, compared to the gain of S$5.5 million for the corresponding period last year.

 

Finance costs rose 1.6 per cent to S$51 million from S$50.2 million in the first half of FY2024, due to higher borrowing costs.

 

Administrative expenses rose to S$44.8 million, up from S$36.9 million in the year-ago period. The company attributed the increase to the opening of two new hotels, Four Seasons Hotel Osaka and The Boathouse Pulau Tioman, in August and July 2024, respectively. 

The counter had earlier tumbled S$0.07 to S$5.39 from its open price but rebounded before noon

 

[SINGAPORE] Shares of Hotel Properties Ltd (HPL) : H15 +0.73% ended their session on Monday (Aug 4) 0.7 per cent or S$0.04 up at S$5.50, following its founder Ong Beng Seng pleading guilty at his trial for obstruction of justice. 

 

The counter had tumbled in early trade on Monday, but pared losses following the property magnate&rsquo s plea in a criminal case involving the Formula 1 (F1) night race and former transport minister S Iswaran. 

 

As at 9.46 am, HPL shares had tumbled S$0.07 or 1.3 per cent to S$5.39 from its opening price of S$5.46 amid a strong showing by the wider market. By 11.45 am, it had recovered to S$5.46, unchanged from Friday&rsquo s close, with 59,000 shares traded. 

 

At 1.28 pm, the stock was trading 1.1 per cent or S$0.06 higher at S$5.52, after 88,800 securities changed hands, and reached S$5.58 at 2.57 pm. It later eased to S$5.53 by 3.47 pm. 

 

At Monday&rsquo s trial, Ong admitted to instructing Singapore GP director Mok Chee Liang to bill Iswaran for the business-class ticket from Doha to Singapore in May 2023, as reported by The Business Times. He was charged for obstruction of justice. 

 

This is part of the Malaysian businessman&rsquo s involvement with Iswaran in a high-profile obstruction of justice case, involving the F1 night race. Iswaran was handed on Oct 3, 2024, a 12-month jail sentence, after pleading guilty to four charges under Section 165 and one for obstruction of justice. He is the first former Cabinet minister to receive such a sentence. 

 

Under Section 165, public servants are prohibited from accepting valuable items for free or inadequate payment from someone connected to business transactions or proceedings they handle.

 

According to the prosecution, eight weeks of jail time for Ong would have been warranted. However, judicial mercy should be exercised in this case due to the severe health condition of advanced multiple myeloma, a form of white blood cell cancer, which he was diagnosed with in 2020. A maximum fine is sought by the prosecution instead. 

 

Ong&rsquo s defence also noted the severe risks of his condition, where imprisonment could put his fragile life in danger, noting that a &ldquo stiff fine&rdquo would be appropriate. 

 

Earlier in April 2025, the business tycoon stepped down as managing director of HPL to tend to his health issues. It was announced that he would also not seek re-election as a director at the company&rsquo s annual general meeting on Apr 29.

 

Since Ong&rsquo s exit, HPL&rsquo s share price has soared more than 50 per cent from S$3.60 on Apr 17. 

 

Ong faces sentencing on Aug 15, which was set by Principal District Judge Lee Lit Cheng, and is expected to return to court at 2.30 pm on the day. 

 

The billionaire and his wife Christina hold about 60 per cent of HPL, the company&rsquo s latest annual report indicated. Founded in 1980, HPL&rsquo s early ventures included the Hilton Singapore hotel, which Ong bought for S$72 million. The property conglomerate has interests in hotel ownership, management and operations, property development, and investment holdings. Its market capitalisation stands at nearly S$2.9 billion to date. 

 

HPL owns a large number of properties in Singapore along Orchard Road such as Forum The Shopping Mall, voco Orchard Singapore and HPL House, in addition to Concorde Hotel and Shopping Mall at Dhoby Ghaut. 

 

[SINGAPORE] Hotel Properties Limited (HPL) has clarified that it is still in discussions with parties over the redevelopment of Forum The Shopping Mall and voco Orchard Singapore.

 

In a bourse filing on Tuesday (Jul 29), the company referred to the minutes of its annual general meeting in April, where it said that several interested parties have approached it to discuss the redevelopment of the properties, with the possibility of a joint venture. It is still exploring the viability of redeveloping these properties with interested parties.

 

&ldquo There is no certainty that any discussions with these interested parties will result in any transaction,&rdquo it added.

 

[SINGAPORE] The property firm of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Singapore&rsquo s Orchard Road shopping strip, according to people familiar with the matter.

 

Hotel Properties Ltd (HPL) is in talks to sell majority stakes in Forum The Shopping Mall, as well as the voco Orchard hotel, according to the people, who asked not to be identified discussing private matters. 

 

The firm is seeking a deal that would value the two adjacent assets for at least S$2 billion, they added. 

 

A spokesperson for Singapore-listed HPL declined to comment. The firm has interests in more than 40 hotels across the globe including the Four Seasons in Singapore, as well as resorts in the Maldives.

 

Shares of the firm were halted Tuesday afternoon (Jul 29), after rising about 6.3 per cent earlier to reach the highest since July 2007. That brings the company&rsquo s stock gains to over 55 per cent this year, more than four times the increase in the benchmark Straits Times Index.

 

In a late night announcement, HPL referred to the minutes of its last annual general meeting in April, in which it disclosed that several interested parties had approached it to discuss the redevelopment of the properties, and a joint venture in relation to the properties was a possibility.

 

The viability of redeveloping these properties with interested parties is still being explored, it said on Tuesday, and added: &ldquo There is no certainty that any discussions with these interested parties will result in any   transaction.&rdquo

 

It also asked for the trading halt to be lifted on Jul 30.

 

Ong, 79, has been in the spotlight in the last couple of years after being implicated in a scandal that led to the imprisonment of former transport minister S Iswaran in Singapore. 

 

Ong has indicated that he plans to plead guilty on Aug 4 after being charged last year for abetting Iswaran over two flights and a night&rsquo s stay at the Four Seasons in Doha. It is unclear whether the case has any relation to the firm&rsquo s planned asset sales.

 

HPL won provisional permission from authorities in August 2023 to redevelop the two sites, along with its company headquarters, HPL House. That was part of a government plan to rejuvenate the Orchard Road shopping district by allowing developers to seek more space or change of use for older buildings. 

 

The company intends to keep its ownership of HPL House under the potential sale, the people said. It said earlier this year in its annual report that redevelopment plans are &ldquo being refined for submission to the relevant authorities&rdquo .

 

In April, Ong relinquished his decades-long tenure as managing director of HPL. Two long-time executives replaced him, after he cited a desire to devote more time to his medical issues. But he continues to provide &ldquo strategic oversight and direction&rdquo to the firm. 

 

Together with his wife Christina, the Malaysian tycoon controls HPL with a roughly 60 per cent stake. The next largest shareholder is Hong Kong billionaire Peter Woo.

 

Forum The Shopping Mall is valued at about S$990 million, group executive director Christopher Lim said at the company&rsquo s annual meeting in April. That estimate does not account for the redevelopment. He declined to comment on the value of the voco, formerly the Hilton Singapore, saying the company did not have a valuation for it. 

 

HPL is set to gain full ownership in August of the Concorde, an S$821 million shopping mall and hotel complex on Orchard Road, after buying out minority stakes it did not own.