HPL has already secured the go-ahead from authorities to redevelop three Orchard properties in the same vicinity into a 1.23 million sq ft mixed-use development. The three properties are: The Forum, voco Orchard Singapore and HPL House.
With “iconic” managing director cum controlling shareholder Ong Beng Seng stepping down from his managerial role, Hotel Properties (SGX:H15
) Limited (HPL), with its freehold Orchard Road landbank that is undervalued by the market, is primed as a takeover target or opening the door for new capital partners.
DBS analysts Derek Tan and Tabitha Foo, in their May 2 note, say: “We see the possibility of a stake sale in the project to a capital partner or the entire company could be at play for value extraction.”
