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Ong Beng Seng acquires 1.2 mil shares for $4.3 mil in company, total stake increases to 60.45%
Hotel Properties&rsquo managing director, Ong Beng Seng, has acquired 1.2 million shares in the company for $4.3 million or $3.58 per share via an off-market transaction on Mar 4.
Following the transaction, Ong&rsquo s total stake increased to 60.45% from 60.22% previously. Ong last purchased 150,000 shares in the company for $537,000 on Jan 8, which increased his stake to 60.22% at that time.
Ong&rsquo s deemed interest in 207.7 million shares in the company after the transactions are 179.02 million shares held by 68 Holdings, 23.5 million shares held by his spouse Christina Ong, 2.95 million shares held by Comojo Holdings and 2.25 million shares held by Reef Holdings.
Cuscaden Partners holds a controlling interest in 68H, and Ong holds a controlling interest in Cuscaden.
Hotel Properties proposes to buy InterContinental Auckland for NZ$180 million
This is its maiden foray into New Zealand
PROPERTY developer Hotel Properties Ltd : H15 +0.28% (HPL), through a wholly owned subsidiary, proposed to acquire InterContinental Auckland in New Zealand for NZ$180 million (S$138.5 million), said the group on Tuesday (Mar 4).
This will be its first asset in New Zealand and second InterContinental property, after InterContinental Maldives Maamunagau Resort.
The acquisition will enable the group to expand its luxury hospitality portfolio across key markets in the Asia-Pacific, said HPL.
The deal will be funded by a third-party loan financing and internal resources. It is not expected to have material impact on its net tangible assets, earnings per share and operating results for the current financial year, it noted.
The seller is real estate investment company Precinct Properties Investments, represented by JLL as adviser and broker.
InterContinental Auckland, managed by IHG Hotels & Resorts, is a 139-key hotel on a prime freehold site located in the city&rsquo s central business district. The property also has two and a half floors of fully-tenanted office space.
Stephen Lau, chairman of HPL Hotels and Resorts, said that the hotel has &ldquo ample headroom&rdquo to expand to 196 rooms by repurposing the current office space, if needed.
HPL swings into the black with S$32.1 million H2 net profit, reversing H1 loss
It proposes a S$0.04 per share final dividend as H2 profit nosedives 94.4% year-on-year
HOTEL Properties Limited (HPL) : H15 -0.83%, the real estate player owned by tycoon Ong Beng Seng, posted net profit of S$32.1 million for the second half ended Dec 31, plunging from S$578.2 million in the prior corresponding period
This reversed the hotel operator&rsquo s net loss of S$4.9 million recorded for its first half ended Jun 30, 2024, and translates to earnings per share (EPS) of S$0.0547, down from S$1.1024 in H2 FY2023.
Its half-year revenue was up 7 per cent at S$345.6 million from S$323.1 million in H2 FY2023. The group&rsquo s revenue growth and bottom-line contraction came on the back of higher costs, the company said on Thursday (Feb 27).
Its board proposed a final dividend of S$0.04 per share, compared to that of S$0.04 per share and a special dividend of S$0.02 per share for the previous year.
This is subject to shareholders&rsquo approval at its upcoming annual general meeting. The payment date will be announced later.
For the full year, its net profit dived 95.1 per cent on the year to S$27.2 million from S$561 million while its revenue rose 7.9 per cent to S$692.9 million from S$642.1 million.
The top line growth was driven mainly by the opening of Six Senses Kanuhura &ndash its Maldives resort that underwent refurbishment &ndash in late 2023 and its first Japan hotel Four Seasons Hotel Osaka in August 2024.
However, its finance costs widened to S$105.6 million in FY2024 from S$98.3 million in FY2023 on higher borrowings and interest rates, the group said.
For the year ended Dec 31, 2024, the HPL recorded a mark-to-market fair value loss of S$1.5 million on long-term investments, down from S$11.9 million in the previous year.
HPL has been in the news over its managing director and co-founder Ong&rsquo s involvement in the corruption scandal of ex-transport minister S Iswaran.
Ong faces one charge of abetting offences under Section 165 of the Penal Code, and one charge of abetting the obstruction of justice.
Ong is also known for bringing the Formula 1 night race to Singapore in 2008 and owns the rights to the Singapore Grand Prix.
Hotel Properties Limited&rsquo s FY2024 earnings decline by 95.1% y-o-y to $27.2 mil on lower net fair value gain
Hotel Properties Limited has reported earnings of $27.2 million for the FY2024 ended Dec 31, 2024, 95.1% lower y-o-y, even though revenue grew on a y-o-y basis.
The earnings plunge was due to lower net fair value gains reported during the year. In FY2024, HPL reported net fair value gains of $96.6 million compared to FY2023&rsquo s $645 million. The gains were for the group&rsquo s Singapore investment properties.
Earnings per share (EPS) on a diluted basis stood at 3.86 cents from 106.08 cents in the year before.
FY2024 revenue rose by 7.9% y-o-y to $692.9 million mainly due to the opening of Six Senses Kanuhura in late 2023 and Four Seasons Hotel Osaka in August 2024.
The group also received a distribution of $38.7 million under the &ldquo other operating income&rdquo line after the Brillia Tower Dojima residential apartments in Osaka were completed. The group has a 25% share in the apartments via a partnership agreement.
In FY2024, HPL generated an operating profit before share of results of associates and jointly controlled entities, depreciation, amortisation, fair value changes and finance cost of $180.4 million, 23% higher than the $146.7 million recorded last year.
During the year, the group recorded a mark-to-market fair value loss of $1.5 million on long-term investments compared to $11.9 million in FY2023. Finance costs rose to $105.6 million from $98.3 million in FY2023 due mainly to higher borrowings and interest rates.
In FY2024, the group reported share of losses from associates and jointly controlled entities of $57.5 million compared to last year&rsquo s $56.4 million. This was mainly attributed to higher finance costs and fair value loss suffered by the group&rsquo s properties in London due to higher capitalisation rates.
The board has recommended a first and final dividend of 4 cents per share, unchanged from last year&rsquo s dividend. The date payable will be announced at a later time.
HPL prices S$160 million perpetual securities at 5.5%
The distribution rate will be reset on the first reset date of Oct 30, 2029, and every five years thereafter
HOTEL Properties Limited : H15 0%(HPL) has priced S$160 million in subordinated perpetual securities at 5.5 per cent under its S$1 billion multicurrency debt issuance programme.
The net proceeds arising from the issue of the securities will be used to refinance the existing borrowings and finance the working capital requirements of HPL and its subsidiaries, the group said on Wednesday (Oct 23).
DBS, OCBC and UOB will be joint lead managers for the issue.
Holders will receive distributions in arrears and may redeem the perpetual securities on the first reset date of Oct 30, 2029, or any distribution payment date falling after the first reset date.
The distribution rate will be reset on the first reset date and every five years thereafter.
This will be at a rate equal to the Singapore Overnight Rate Average Overnight Indexed Swap and the initial spread of 2.863 per cent, plus the step-up margin of 1 per cent and the change of control event margin of 3 per cent.
The perpetual securities are expected to be issued on Oct 30. Distributions will be paid twice a year in April and October.
Why GS holding also halt the same time and date related to ah ong business
Ong Beng Seng&rsquo s Hotel Properties trims H1 loss to S$4.9 million
Revenue increase comes amid better performance from hotels and resorts, new opening
HOTEL Properties : H15 0% (HPL), the real estate player owned by tycoon Ong Beng Seng, on Tuesday (Aug 13) reported a net loss of S$4.9 million for the half year ended Jun 30, narrowing from a loss of S$17.2 million in the corresponding year-ago period.
This comes as the group&rsquo s revenue increased 8.9 per cent on year to S$347.3 million from S$319 million, on better performance by a majority of the group&rsquo s hotels and resorts, and the opening of Six Senses Kanuhura Maldives, which had undergone a major refurbishment, noted the group in a bourse filing.
Loss per share for the period was S$0.0162, from S$0.0397 year on year.
For the six months, the group recorded a mark-to-market fair-value gain on long-term investments of S$5.5 million, compared to a loss of S$8.4 million a year ago.
Finance costs rose 8.3 per cent to S$50.2 million, from S$46.3 million in the first half of FY2023, due to higher borrowings and interest rates.
The group noted that it opened its first Japan hotel, Four Seasons Osaka, on Aug 1. The Four Seasons Hotel Osaka is HPL&rsquo s 15th Four Seasons property, making HPL the largest owner of Four Seasons hotels in the world.
It is located next to mixed-use building One Dojima, which houses the Brillia Tower Dojima residential apartments that the group has a 25 per cent co-ownership in.
&ldquo The sale of most of these apartments is expected to complete later this year,&rdquo the group added.
$645m fair value gains translates to approx $1.24 per share.
blitz99 ( Date: 11-Jun-2024 21:59) Posted:
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Recent en bloc at orchard /tanglin stretch that is near voco/forum/hpl house
as reported:
1) Feb 2022: Tanglin Shopping centre sold at $868m ($2769 psf ppr)
2) Sep 2023: Ming Arcade sold $172m ($3125 psf ppr)
3) Recently: Delfi Orchard sold $439m ($3346 psf ppr)
4) Far East Shopping centre offer that failed to garner 80% support $850m (approx. $3500 psf ppr)
HPL proposed redevelopment 1.23million sf GFA
if based in above land rates and recent HPL annual report of approx. 521.4 million shares:
1) $2769 psf ppr at 1.23million GFA, translates to approx $3.406 billion or $6.53 per share
2) $3125 psf ppr at 1.23million GFA, translates to approx $3.84 billion or $7.36 per share
3) $3346 psf ppr at 1.23million GFA, translates to approx $4.11 billion or $7.88 per share
4) $3500 psf ppr at 1.23million GFA, translates to approx $4.30 billion or $8.25 per share
just pure land values based on the recent prices in the vicinity.
will there be further revaluation gains? the recent year HPL annouced fair value gains of $645m.
as reported:
1) Feb 2022: Tanglin Shopping centre sold at $868m ($2769 psf ppr)
2) Sep 2023: Ming Arcade sold $172m ($3125 psf ppr)
3) Recently: Delfi Orchard sold $439m ($3346 psf ppr)
4) Far East Shopping centre offer that failed to garner 80% support $850m (approx. $3500 psf ppr)
HPL proposed redevelopment 1.23million sf GFA
if based in above land rates and recent HPL annual report of approx. 521.4 million shares:
1) $2769 psf ppr at 1.23million GFA, translates to approx $3.406 billion or $6.53 per share
2) $3125 psf ppr at 1.23million GFA, translates to approx $3.84 billion or $7.36 per share
3) $3346 psf ppr at 1.23million GFA, translates to approx $4.11 billion or $7.88 per share
4) $3500 psf ppr at 1.23million GFA, translates to approx $4.30 billion or $8.25 per share
just pure land values based on the recent prices in the vicinity.
will there be further revaluation gains? the recent year HPL annouced fair value gains of $645m.
Old soldiers never say die.
Thanx for the heads up
Thanx for the heads up
Secret_Squirrel ( Date: 29-Apr-2024 18:53) Posted:
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OBS name is still mentioned in the Annual Report as the Managing Director of the company.
Number of issued shares excluding treasury shares : 521,424,951shares as at March 18, 2024
Company very little shares issued. lol
Approximately 11.79% of the issued ordinary shares are held in the hands of the public.
Very little shares in the market. lol
Number of issued shares excluding treasury shares : 521,424,951shares as at March 18, 2024
Company very little shares issued. lol
Approximately 11.79% of the issued ordinary shares are held in the hands of the public.
Very little shares in the market. lol
MrBear12 ( Date: 29-Apr-2024 18:37) Posted:
|
Under investigation?
HOTEL PROPERTIES LIMITED
Date & Time
30 Apr 2024 04:00 PM
Location
The AGM will be held physically at Crescent Ballroom, Level 2 Four Seasons Hotel Singapore, 190 Orchard Boulevard, Singapore 248646.
HPL reports surge in FY2023 earnings on revaluation gains
The Edge SingaporeTue, Feb 27, 2024 &bull 10:34 PM GMT+08 &bull &bull 2 min read
Hotel Properties Limited, whose managing director Ong Beng Seng is involved in the corruption case of former minister S Iswaran, has reported a surge in earnings for FY2023.
For the year ended Dec 2023, the company reported earnings of $561.0 million, versus $40.2 million reported for the preceding FY2022.
While the companyt enjoyed better operating numbers from the recovery of its hospitality businesses, the big chunk of the earnings growth came from $645 million in fair value gain on its Singapore investment properties.
Revenue in the same period was $642.1 million, up 22.2% from FY2022.
HPL plans to pay a first and final dividend of 4 cents plus a special dividend of 1 cent per share.
In its earnings commentary, HPL sees continued growth in international travel, which should bode well for its businesses.
" Although there is no indication of rate cuts by the Federal Reserve Board, with the easing of inflation, most are expecting interest rates to have peaked.
" Challenges however remain, with continuing geopolitical tensions and slowing down of global economic growth," adds HPL.
Last August, HPL has said it has received provisional permission from URA to redevelop a clutch of adjacent properties it owns along the prime Orchard Road belt, including the Forum, voco Orchard Singapore and HPL House.
HPL intends to undertake a mixed development comprising hotel, retail, office and residential components, and is working on further detailed plans.
HPL shares last traded at $3.58, a relatively small discount off its NAV of $4.13 as of Dec 31 2023.
Hotel Properties Limited, whose managing director Ong Beng Seng is involved in the corruption case of former minister S Iswaran, has reported a surge in earnings for FY2023.
For the year ended Dec 2023, the company reported earnings of $561.0 million, versus $40.2 million reported for the preceding FY2022.
While the companyt enjoyed better operating numbers from the recovery of its hospitality businesses, the big chunk of the earnings growth came from $645 million in fair value gain on its Singapore investment properties.
Revenue in the same period was $642.1 million, up 22.2% from FY2022.
HPL plans to pay a first and final dividend of 4 cents plus a special dividend of 1 cent per share.
In its earnings commentary, HPL sees continued growth in international travel, which should bode well for its businesses.
" Although there is no indication of rate cuts by the Federal Reserve Board, with the easing of inflation, most are expecting interest rates to have peaked.
" Challenges however remain, with continuing geopolitical tensions and slowing down of global economic growth," adds HPL.
Last August, HPL has said it has received provisional permission from URA to redevelop a clutch of adjacent properties it owns along the prime Orchard Road belt, including the Forum, voco Orchard Singapore and HPL House.
HPL intends to undertake a mixed development comprising hotel, retail, office and residential components, and is working on further detailed plans.
HPL shares last traded at $3.58, a relatively small discount off its NAV of $4.13 as of Dec 31 2023.
Profit after tax 572m for 2H 2023 compared to 28.5m for 2H 2022
due to gain from investment
Dividend 6c.
The Board of Directors has recommended a first and final one-tier tax exempt cash dividend of 4 cents per ordinary share, and a onetier tax exempt special dividend of 2 cents per ordinary share, in respect of the current financial year reported on. Payment of the said dividend is subject to the approval of shareholders at the forthcoming Annual General Meeting.
Financial Report :
https://links.sgx.com/1.0.0/corporate-announcements/YDU8JJYPKALUFKJ6/1ade48e7e1aa76e98a821f4cfd8f280b02cab1684dfdc67679f423e1a60386bc
due to gain from investment
Dividend 6c.
The Board of Directors has recommended a first and final one-tier tax exempt cash dividend of 4 cents per ordinary share, and a onetier tax exempt special dividend of 2 cents per ordinary share, in respect of the current financial year reported on. Payment of the said dividend is subject to the approval of shareholders at the forthcoming Annual General Meeting.
Financial Report :
https://links.sgx.com/1.0.0/corporate-announcements/YDU8JJYPKALUFKJ6/1ade48e7e1aa76e98a821f4cfd8f280b02cab1684dfdc67679f423e1a60386bc
Soon can see action..
Will the share falls further ?
Will HPL&rsquo s minority investors benefit from the redevelopment of its Orchard Road assets?
HOTEL Properties Ltd (HPL) could unlock a great deal of value from its cluster of prime Orchard Road properties. Whether this leads to a big payday for minority investors is another matter, though.
On Monday (Aug 28), shares in HPL bounced up 10.8 per cent after the company announced it had received provisional permission from the Urban Redevelopment Authority (URA) to redevelop Forum The Shopping Mall, the voco Orchard Singapore hotel, and office development HPL House.
These properties &ndash widely seen as HPL&rsquo s crown jewels &ndash occupy freehold and 999-year leasehold land spanning 14,027 square metres (sq m) along Orchard Road and Cuscaden Road.
HPL is proposing a mixed redevelopment comprising hotel, retail, office and residential components that will transform the area into a &ldquo vibrant, energetic, significant and prominent precinct&rdquo .
HPL plans to build two tower buildings &ndash with 64 storeys and 43 storeys, respectively &ndash on a six-storey podium with a rooftop garden, theatre and basement car park. A separate 29-storey tower will be erected over the contiguous basement car park.
The project will have a gross floor area of approximately 114,153 sq m.
HPL submitted its redevelopment plan under URA&rsquo s Strategic Development Incentive Scheme, which offers incentives for the redevelopment of older buildings that have the potential to transform their surrounding areas.
Shares in HPL shot up in June following news that the company had submitted redevelopment plans for the properties.
DBS Group Research said at the time that the proposal could yield significant upside to its revalued net asset value (RNAV) estimate for HPL of S$5.80 per share.
HPL reported a net asset value of S$3.10 per share as at Jun 30.
The stock rolled back over the following weeks, though &ndash partly on reports in July that HPL&rsquo s major shareholder and managing director Ong Beng Seng was embroiled in a corruption investigation involving Minister for Transport S Iswaran.
HPL closed on Wednesday (Aug 30) at S$3.76 &ndash a 35.2 per cent discount to the possibly conservative estimate of its RNAV by DBS.
SGX queries
On the face of it, owning shares in HPL seems like a good idea.
Even if it takes a while for the redevelopment of its Orchard Road and Cuscaden Road properties to be implemented, the group is in the throes of a post-pandemic recovery.
On Aug 11, HPL reported a 27.9 per cent year-on-year increase in revenue to S$319 million for the six months to Jun 30. It attributed this mainly to better performance by its hotels and resorts, as international travel continued to recover.
HPL nevertheless reported a loss of S$17.2 million for the half-year period, versus earnings of S$1.9 million for the corresponding period last year. It attributed the reduced profitability partly to finance costs more than doubling to S$46.3 million, due to rising interest rates.
HPL also noted that its share of results of associates and jointly-controlled entities swung to a loss of S$16.5 million in H1 2023, versus a profit of S$20.1 million in H1 2022. The figure for H1 2022 included a non-recurring gain of S$30 million from the disposal of Hilton London Olympia.
On Aug 22, in its responses to queries from the Singapore Exchange (SGX) about this recent set of financial numbers, HPL unintentionally reminded investors that Ong&rsquo s real estate interests are not entirely held under the public-listed company.
SGX noted that HPL had provided equity contributions and advances totalling S$25 million in H1 2023 to associates and jointly-controlled entities in which certain directors are deemed to have an interest, and asked the company for more information about these transactions.
HPL responded by stating it had provided advances of S$18.2 million to Great Western Enterprises (GWE), in which Ong and his fellow director David Fu each have a 15 per cent beneficial interest.
HPL also provided advances of S$6.5 million to HPL Dolomites (UK), in which Ong holds a 20 per cent beneficial interest.
HPL said that its joint venture partners contributed advances in proportion to their equity in these entities.
This was not entirely new information. Back in 2014, HPL said it had formed GWE as a 70-30 joint venture with an entity controlled by Ong and Fu to acquire a property in London that has since been redeveloped as Paddington Square.
HPL said in its latest annual report that &ldquo practical completion&rdquo was achieved in December 2022 for Paddington Square &ndash a mixed-use project comprising offices as well as retail and leisure offerings.
In 2020, HPL said that it had formed HPL Dolomites as an 80-20 joint venture with an entity owned by Ong to acquire a 90 per cent stake in a luxury hotel in Italy. HPL Dolomites bought the remaining 10 per cent of the hotel in April this year.
Low public float
Many investors may assume that owning shares in HPL is akin to riding along with Ong, as he pursues his entrepreneurial activities.
Yet, HPL could well be just another tightly-owned, asset-laden company destined to be taken private one day for much less than the value of its underlying assets.
Indeed, Ong teamed up with Wheelock Properties to take HPL private in 2014. The offer price was raised from an initial S$3.50 per share to S$4 per share, and then to S$4.05 per share.
The final offer price was as much as 22.7 per cent below its RNAV, which the independent financial adviser appointed for the deal estimated to be between S$5.02 and S$5.24 per share.
Ong and Wheelock Properties did not succeed in gaining sufficient shares to delist the company.
Interestingly, Wheelock Properties ended up being taken private by its parent group in 2018. The offer price of S$2.10 per share was a more than 19.2 per cent discount to the company&rsquo s book value &ndash which consisted largely of its investment properties Wheelock Place and Scotts Square, its beneficial interest in HPL, and a pile of cash.
Despite the lowball offer price, Wheelock Properties&rsquo parent group &ndash which held more than 76.2 per cent of its shares before the offer &ndash managed to push its stake to just a hair above the 90 per cent threshold.
Will HPL go the same way? Are its shares attractive for long-term investors?
Since the offer by Ong and Wheelock Properties back in 2014, shares in HPL have delivered a total return of just 12.6 per cent &ndash and that&rsquo s including the bounce earlier this week.
The Straits Times Index returned 41 per cent over the same period.
HPL&rsquo s most recent annual report shows Ong holding a direct stake of nearly 21.1 per cent, and a deemed interest of 39.4 per cent. Wheelock and Company holds a deemed interest of 22.5 per cent.
Only 11.5 per cent of HPL&rsquo s shares are in the hands of the public.
Tempting as the potential redevelopment of HPL&rsquo s cluster of properties on Orchard Road may be, investors should tread carefully with its stock.