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Asset-heavy property groups like HPL should have minimal key man risk
Leslie Yee
Published Mon, Jul 24, 2023 · 3:18 pm
The travails of Ong Beng Seng may have little impact on operations of asset-heavy Hotel Properties Limited.
Tycoon Ong Beng Seng has been in the corporate limelight here for years. His name, or OBS as he is popularly known, is linked with top hotels, high-profile takeover battles, as well as the bringing of the Formula 1 night race to Singapore.
Thus, it sent shockwaves throughout corporate Singapore when Hotel Properties Limited : H15 -1.79% (HPL) announced early in the morning on Jul 14 that OBS was asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information on his interactions with Minister for Transport S Iswaran, and that OBS was arrested and had posted bail.
Aged 77, OBS is a Singapore-based Malaysian billionaire. He is the co-founder of HPL, where he is the managing director. Based on latest corporate filings, OBS has a total interest of over 60 per cent in HPL.
HPL&rsquo s nominating committee has assessed and determined that OBS continues to be suitable to carry out his duties and responsibilities as managing director.
HPL&rsquo s plan to redevelop Forum mall, voco Orchard Singapore and HPL House gets URA nod
HOTEL Properties Limited : H15 +10.8% (HPL) has received the nod from the Urban Redevelopment Authority (URA) to turn Forum The Shopping Mall, voco Orchard Singapore and HPL House into a massive mixed-use redevelopment.
Spanning 114,153.38 square metres, the mixed-use project will have a hotel and residential units across two tower buildings, as well as retail and office space, said the company on Monday (Aug 28).
The Business Times had reported in June that URA received a development proposal involving land parcels on the prime corner of Orchard Road and Cuscaden Road.
Speculation has swirled for two decades that HPL would undertake this redevelopment project. The company said on Monday that it had applied for provisional permission to identify those of its assets, which could be enhanced and optimised for value.
In the proposed plan, there could be three tower blocks forming part of the mixed-use development, with the tallest at 64 storeys. HPL also has plans for a six-storey podium with a rooftop garden, a performance theatre and a basement car park.
&ldquo If and when it is implemented and completed, the proposed redevelopment will transform this part of Orchard Road into a vibrant, energetic, significant and prominent precinct,&rdquo said the hotel operator.
It hopes the redevelopment will be a &ldquo gateway destination on Orchard Road and provide connectivity between the site and neighbouring developments&rdquo .
The company had submitted the proposal under the URA&rsquo s Strategic Development Incentive Scheme, which encourages the redevelopment of older buildings in strategic areas into new developments that will transform the locale.
&ldquo The company and its professional advisers are working on further detailed plans and the timeline for the proposed redevelopment has not been determined at this stage,&rdquo it added.
News of the approval sent HPL shares soaring. The counter ended 10.8 per cent, or S$0.38, higher at S$3.90 on Monday.
Why? Can please elaborate. Thanks
TradeExpert ( Date: 28-Aug-2023 16:19) Posted:
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GRANT OF PROVISIONAL PERMISSION FOR REDEVELOPMENT OF THE FORUM, VOCO ORCHARD SINGAPORE AND HPL HOUSE
The Board of Directors of Hotel Properties Limited (&ldquo HPL&rdquo or &ldquo the Company&rdquo and together with the subsidiaries, the &ldquo HPL Group&rdquo ) wishes to announce that the HPL Group has received the Grant of Provisional Permission (&ldquo PP&rdquo ) for the redevelopment of the Forum, voco Orchard Singapore and HPL House (collectively referred hereinafter as the &ldquo Properties&rdquo ) from the Urban Redevelopment Authority under the Strategic Development Incentive (&ldquo SDI&rdquo ) Scheme, subject to certain terms and conditions.
The combined site of the Properties, all freehold land and a 999-year leasehold land located along Orchard Road and Cuscaden Road, has a total land area of 14,027.12 square metres (150,986.66 square feet).
The approval is for a comprehensive mixed redevelopment comprising hotel, retail, office and residential components in two tower buildings of 64 storeys and 43 storeys on a 6-storey podium with a rooftop garden, a performance theatre and basement carpark. A separate 29-storey tower will be erected over the contiguous basement carpark.
The total approved gross floor area for the proposed mixed development is approximately 114,153.38 square metre (1,228.736.71 square feet).
If and when it is implemented and completed, the proposed redevelopment will transform this part of Orchard Road into a vibrant, energetic, significant and prominent precinct. It will be a 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 neighbouring developments.
The design of the roof garden on the top of the 6-storey podium would draw reference from the geometry of the architecture, with landscaping visuals and planting palette with a diversity of trees and plant species which will be tropical and naturalistic which is in line with the &ldquo City in Nature&rdquo vision.
The application for the PP was made in response to the rejuvenation incentives for strategic areas under the SDI Scheme, as part of our asset management review to identify assets under the HPL Group which could potentially be enhanced and their values optimised.
50 Cuscaden Road #08-01 HPL House
Singapore 249724
Tel : (65) 6734 5250
Fax : (65) 6732 0347 CO. REG. NO. 198000348Z
The Company and its professional advisers are working on further detailed plans and the timeline for the proposed redevelopment has not been determined at this stage.
None of the directors, co
The Board of Directors of Hotel Properties Limited (&ldquo HPL&rdquo or &ldquo the Company&rdquo and together with the subsidiaries, the &ldquo HPL Group&rdquo ) wishes to announce that the HPL Group has received the Grant of Provisional Permission (&ldquo PP&rdquo ) for the redevelopment of the Forum, voco Orchard Singapore and HPL House (collectively referred hereinafter as the &ldquo Properties&rdquo ) from the Urban Redevelopment Authority under the Strategic Development Incentive (&ldquo SDI&rdquo ) Scheme, subject to certain terms and conditions.
The combined site of the Properties, all freehold land and a 999-year leasehold land located along Orchard Road and Cuscaden Road, has a total land area of 14,027.12 square metres (150,986.66 square feet).
The approval is for a comprehensive mixed redevelopment comprising hotel, retail, office and residential components in two tower buildings of 64 storeys and 43 storeys on a 6-storey podium with a rooftop garden, a performance theatre and basement carpark. A separate 29-storey tower will be erected over the contiguous basement carpark.
The total approved gross floor area for the proposed mixed development is approximately 114,153.38 square metre (1,228.736.71 square feet).
If and when it is implemented and completed, the proposed redevelopment will transform this part of Orchard Road into a vibrant, energetic, significant and prominent precinct. It will be a 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 neighbouring developments.
The design of the roof garden on the top of the 6-storey podium would draw reference from the geometry of the architecture, with landscaping visuals and planting palette with a diversity of trees and plant species which will be tropical and naturalistic which is in line with the &ldquo City in Nature&rdquo vision.
The application for the PP was made in response to the rejuvenation incentives for strategic areas under the SDI Scheme, as part of our asset management review to identify assets under the HPL Group which could potentially be enhanced and their values optimised.
50 Cuscaden Road #08-01 HPL House
Singapore 249724
Tel : (65) 6734 5250
Fax : (65) 6732 0347 CO. REG. NO. 198000348Z
The Company and its professional advisers are working on further detailed plans and the timeline for the proposed redevelopment has not been determined at this stage.
None of the directors, co
JTINVESTOR ( Date: 28-Aug-2023 16:42) Posted:
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Finally Boss Ong received formal URA approval for the redevelopment of HPL Orchard. 1.2m square feet on Orchard Road Media reported that this is the single largest development history of Orchard Road.
Lol... Dead Cat Bounce.
Results into investigation by CPIB on possible case of corruption on 1 of the director is not concluded. If it becomes a confirm case, prices of the counter very likely to drop big time.
Results into investigation by CPIB on possible case of corruption on 1 of the director is not concluded. If it becomes a confirm case, prices of the counter very likely to drop big time.
lausk22 ( Date: 28-Aug-2023 13:51) Posted:
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sudden spike in price and volume.
HPL gave $24.6m in advances to entities in which Ong Beng Seng has deemed interest
SINGAPORE - Hotel Properties Limited (HPL) said on Tuesday that it had provided $24.6 million in advances to two jointly controlled entities in which its managing director Ong Beng Seng is deemed to have an interest.
Of this amount, $18.2 million was made to Great Western Enterprises, in which Mr Ong and board member David Fu have a 15 per cent beneficial interest each. Another $6.4 million was made to HPL Dolomites (UK), in which Mr Ong has a 20 per cent beneficial interest.
Mr Ong has been embroiled in a corruption probe since July, when he was arrested by the Corrupt Practices Investigation Bureau.
The amounts were revealed by HPL in a response to Singapore Exchange Regulation (SGX RegCo), which had asked it to give a breakdown of various transactions and their nature in the first fiscal half of the year ended June 30.
The query came after HPL posted a rise in &ldquo amount due from associates and jointly controlled entities&rdquo to $56.5 million as at June 30, from $49.1 million as at Dec 31, 2022. Along with this was a rise in its associates and jointly controlled entities&rsquo non-current assets to $956.6 million as at June 30, from $912.7 million as at Dec 31, 2022.
Hitherto, the company had only attributed them to investments during the period, including equity contribution and advances of $25 million to associates and jointly controlled entities, in which certain directors are deemed to have interest.
HPL on Tuesday noted that its advances to other associates and jointly controlled entities amounted to $18.8 million, while exchange realignment on advances came up to $18.4 million. The company did not, however, give a further breakdown for these figures.
Nevertheless, HPL disclosed an $11.5 million loss attributed to the share of results and reserves of associates and jointly controlled entities for the first half of 2023.
In a clarification note on Wednesday, HPL reiterated that all joint venture (JV) partners, including Mr Ong, contributed in proportion to their equity. This was stated in a footnote in Tuesday&rsquo s disclosure.
Elaborating, HPL said the advances were in relation to JV projects, which needed additional funding.
HPL then disclosed that Great Western Enterprises needed additional funding for its project at Paddington Square in London. Given that Mr Ong and Mr Fu each hold a 15 per cent equity in the JV, they have had to fork out $3.9 million each, the company specified.
HPL also revealed that HPL Dolomites needed contributions to fund the acquisition of the remaining 10 per cent of the share capital of Alpina Dolomites SRL by HPL Dolomites (UK). Given Mr Ong&rsquo s 20 per cent equity, he has had to contribute $1.6 million, it stated.
Contributions from HPL for its 70 per cent share in Paddington Square and 80 per cent share in Alpina Dolomites amounted to $18.2 million and $6.4 million, respectively, adding to a total of $24.6 million.
HPL gave $24.6m in advances to entities in which Ong Beng Seng has deemed interest
The company attracted the query as it posted an increase in ?amount due from associates and jointly controlled entities? to S$56.5 million as at Jun 30, from S$49.1 million as at Dec 31, 2022.
https://bt.sg/5vZo
The company attracted the query as it posted an increase in ?amount due from associates and jointly controlled entities? to S$56.5 million as at Jun 30, from S$49.1 million as at Dec 31, 2022.
https://bt.sg/5vZo
HPL sinks into red with S$17.2 million H1 net loss on higher borrowing costs
HOTEL Properties Limited : H15 -0.27% (HPL), whose managing director Ong Beng Seng is embroiled in a corruption probe, on Friday (Aug 11) reported a S$17.2 million net loss for its first fiscal half ended Jun 30, reversing from a net profit of S$1.9 million posted in the same period a year ago.
The group moved into the red as a result of higher borrowing costs, its bourse filings showed. This has caused it to share losses of S$16.5 million from associates and jointly controlled entitles, while its own finance costs doubled to S$46.3 million, from S$21.8 in H1 2022.
The results translate to a loss per share of 3.97 Singapore cents, against a loss per share of 0.97 Singapore cents the year before.
Revenue, however, rose 27.9 per cent to S$319 million, while gross profit rose 53.1 per cent to S$78.3 million for the half-year under review. The group attributed these to better performance by its hotels and resorts, in line with the growth trend in international travel.
The group said that it generated an operating profit before the share of results of associates and jointly controlled entities, depreciation, amortisation, fair value changes, and finance costs of S$80.7 million for the half-year. This figure compares with S$59.1 million recorded in the corresponding period last year.
The group reported a mark-to-market fair-value loss on long-term investments of S$8.4 million, compared with S$11.6 million last year.
No dividend was declared for the financial period.
In giving its outlook, the group said that, barring unforeseen circumstances, the operating performance of its hotels and resorts is expected to continue to improve for the rest of the year, as H2 is traditionally the stronger season for the hospitality industry in general. It is nevertheless &ldquo mindful of the continuing challenges such as inflationary cost pressures and rising interest rates&rdquo , it stated.
In a separate bourse filing on Friday, the group announced that HPL Dolomites on Apr 25 bought the remaining 10 per cent of the share capital of Alpina Dolomites SRL from a minority shareholder for a consideration of 5.5 million euros (S$8 million).
HPL Dolomites is a joint-venture company incorporated in the United Kingdom that is 80 per cent owned by HPL Europe and 20 per cent owned by Como Holdings (Europe). Como is beneficially owned by Ong.
HPL said the acquisition will be funded by internal funds and bank borrowings, and is not expected to have any significant impact on the net earnings per share and net tangible assets per share of HPL Group, based on its audited consolidated financial statements for the year ended Dec 31, 2022.
The group added that the purchase consideration was negotiated at arm&rsquo s length on a willing buyer, willing seller basis, taking into consideration the trading performance of the business.
HPL expects net loss in H1 2023
HOTEL Properties Limited : H15 -0.54% (HPL) on Friday (Jul 28) said it is expecting a net loss for the six months ended Jun 30, based on a preliminary review of its financial results.
The group said there was an improvement in the general performance of its hotels and resorts. However, higher interest costs and a bigger share of losses from associates and jointly controlled entities are expected to drag the group into the red.
HPL&rsquo s unaudited financial results will be released by Aug 14.
Hotel Properties Limited guides for net loss in 1HFY2023 on higher interest costs and share of losses
details in Hotel Properties Limited guides for net loss in 1HFY2023 on higher interest costs and share of losses (theedgesingapore.com)
reeling from the uncertainity of the ongoing CPIB case, this is another double whammy
details in Hotel Properties Limited guides for net loss in 1HFY2023 on higher interest costs and share of losses (theedgesingapore.com)
reeling from the uncertainity of the ongoing CPIB case, this is another double whammy
You sure?
Today already start to lose strength and heading down. Look at history and recent incidents to be realistic. For Long term holder, they need to be realistic and may be become more realistic in the days ahead.
Let' s see in the coming days or weeks especially when the report of CPIB is out.
$3 to $3.3 will likely be the pricing.
DYODD
Today already start to lose strength and heading down. Look at history and recent incidents to be realistic. For Long term holder, they need to be realistic and may be become more realistic in the days ahead.
Let' s see in the coming days or weeks especially when the report of CPIB is out.
$3 to $3.3 will likely be the pricing.
DYODD
vicloo ( Date: 17-Jul-2023 20:18) Posted:
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Seems no impact 👍 👍
TradeExpert ( Date: 17-Jul-2023 09:46) Posted:
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A matter of time that it will reach the pricing that you quote.
With more saucy news on the way in the pipeline as the case unveal, and also there' s no plans of a successor, it' s going to be a big concerns to shareholders especially long term holder. Hence, at current pricing $3.7x, it' s over-rated.
Past Cases:
https://www.straitstimes.com/singapore/teh-cheang-wan-case-no-way-a-minister-can-avoid-investigations
With more saucy news on the way in the pipeline as the case unveal, and also there' s no plans of a successor, it' s going to be a big concerns to shareholders especially long term holder. Hence, at current pricing $3.7x, it' s over-rated.
Past Cases:
https://www.straitstimes.com/singapore/teh-cheang-wan-case-no-way-a-minister-can-avoid-investigations
vicloo ( Date: 16-Jul-2023 20:01) Posted:
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If really goes to 3-3.3 is great BUY
shk363 ( Date: 14-Jul-2023 12:50) Posted:
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From helping with investigations become arrested and out on bail. Maybe they don' t want this case to shock the stock market too much, so only release the juicy details over the weekend?
Buying stock is about taking a position about future.
If you believe it will better, buy. Else sell.
If you have no position, then just be a bystander or keyboard warrior.
If you believe it will better, buy. Else sell.
If you have no position, then just be a bystander or keyboard warrior.
FrancisLim ( Date: 15-Jul-2023 12:06) Posted:
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Everyone is presumed innocent until proven guilty beyond reasonable doubt.
Lets the investigation takes its course. We may buy or sell the share but not speculate on the investigation. Everyone deserves a fair trial.
Lets the investigation takes its course. We may buy or sell the share but not speculate on the investigation. Everyone deserves a fair trial.
Opp already call for review of all his deal with government and glc.