[ad_1]
SINGAPORE: Tycoon Ong Beng Seng’s Lodge Properties Restricted was given approval from the Authorities for the redevelopment of three of its prime properties on Orchard Highway.
Forbes reported on Aug 28 (Monday) that the redevelopment of the Discussion board procuring centre, voco Orchard Lodge, and HPL Home might have a price ticket of between S$1 billion and S$2 billion.
The three properties are to be redeveloped right into a mixed-use mission made up of a resort, retail, workplace and residences, in a proposal that features a 64-story skyscraper that has a 43-story tower, a separate 29-story block, a rooftop backyard and a efficiency theatre.
“The proposed redevelopment will rework this a part of Orchard Highway right into a vibrant, energetic, vital and outstanding precinct. It is going to be the point of interest to the North West of Orchard Highway, a brand new important mass of blended actions, a gateway vacation spot on Orchard Highway and supply connectivity between the positioning and neighbouring developments,” Forbes quotes HPL as saying in a regulatory submitting.
The proposed redevelopment of the three Orchard Highway properties would be the largest within the space to date.
The shares of HPL closed at $3.90 on Aug 28, almost 11 per cent greater.
And whereas Mr Ong constructed his title and fortune as a hotelier, he’s finest identified for bringing the Formulation 1 Grand Prix to Singapore. He’s the only shareholder of the occasion, the primary Formulation 1 avenue race in Asia and the primary race to be held at evening in F1’s historical past.
He has continued because the managing director of HPL, and preparations for the Singapore Grand Prix 2023 are ongoing.
Mr Ong and Transport Minister S Iswaran are nonetheless the topic of an investigation from the Corrupt Practices Investigation Bureau (CPIB), which was introduced in early July. Nevertheless, no fees have been introduced in opposition to Mr Ong, who was given a discover of arrest final month. /TISG
Ong Beng Seng’s US$ 1 billion web price and different attention-grabbing info concerning the tycoon
Ship in your scoops to information@theindependent.sg
Associated Posts
– Commercial –
[ad_2]
Source link
