Yahoo Finance Ong Beng Seng's HPL wins go-ahead to redevelop Orchard Road properties
HPL shares surge
Hotel Properties Limited, whose managing director Ong Beng Seng is now a under graft-related probe, has received provisional permission to redevelop a slew of its Orchard properties. The typically thinly-traded shares surge, closing at $3.90 on Aug 28, up 10.8% for the day.
They are the Forum, voco Orchard Singapore and HPL House. The sites have a combined land area of 14,027.12 sqm, or 150,986.66 sq ft.
The total approved gross floor area for the proposed mixed development is approximately 114,153.38 square metre (1,23 million sq ft), making it one of the largest redevelopment projects along this famed shopping belt.
The permission was given by the Urban Redevelopment Authority under the Strategic Development Incentive Scheme.
"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," says HPL on Aug 28.
"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 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," says HPL.
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