Singapore’s Hotel Properties Ltd., whose managing director Ong Beng Seng is currently under a graft probe, has won government approval to redevelop three of its properties on Orchard Road, the city-state’s famed shopping strip.
The government greenlit the company to redevelop a project that will be about 1.2 million square feet, according to a stock exchange filing by the firm on Monday. The company’s shares jumped more than 11% as of 3:40 p.m. Singapore time, the most since June 12.
The government is trying to rejuvenate the Orchard Road shopping district as a pedestrian-friendly and green urban destination. Hotel Properties is proceeding with the project just weeks after Ong was arrested in an ongoing investigation by the country’s anti-graft agency, involving Transport Minister S. Iswaran. Officials have yet to file any charges against either party.Analysts are upbeat about the move.
Hotel Properties will redevelop the Forum shopping mall, voco Orchard hotel and HPL House into a mixed project comprising a hotel, retail, office and residential components. The project will also have a rooftop garden and a performance theater.Ong, whose Hotel Properties has a portfolio of nearly 40 hotels and resorts across 15 countries including the Four Seasons in Singapore and the Maldives, is worth about $1 billion, according to the Bloomberg Billionaires index.
More projects near Orchard Road are also slated for completion within the next two years, including Trifecta, a new sports-themed attraction at Somerset.
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