Ong Beng Seng’s HPL looks to cut stakes in Forum shopping mall, voco Orchard hotel: Sources

SINGAPORE – The property company of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Orchard Road, according to people familiar with the matter.

Hotel Properties Limited (HPL) is in talks to sell majority stakes in the Forum The Shopping Mall and the voco Orchard hotel, said the sources, who asked not to be identified discussing private matters.

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

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

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.

He has indicated he

plans to plead guilty on Aug 4,

after being charged in 2024 with abetting the minister over two flights and a night’s stay at the Four Seasons in Doha. It is unclear whether the case has any relation to the company’s planned asset sales.

HPL won provisional permission from the 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 sources said. It said earlier in 2025 in its annual report that redevelopment plans are “being refined for submission to the relevant authorities”.

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 “strategic oversight and direction” to the company.

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 $990 million, group executive director Christopher Lim said at the company’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 $821 million shopping mall and hotel complex on Orchard Road, after buying out minority stakes it did not own.

The company’s stock has soared 46 per cent in 2025, almost four times the gain in Singapore’s Straits Times Index. It closed 6.3 per cent, or 33 cents, higher at $5.54 on July 29. BLOOMBERG