Ong Beng Seng’s HPL wins go-ahead to redevelop Orchard Road properties
HPL House, Forum and voco Orchard Singapore are set for redevelopment – a move that has seen the typically thinly-traded shares of Hotel Properties Limited (HPL) surge 10.8% to $3.90 the day the provisional permission was granted. The redevelopment project is one of the largest along the iconic Orchard Road shopping belt, encompassing a combined land area of 14,027.12sqm and approved gross floor area of 114,153.38sqm.
The project, given the go-ahead by the Urban Redevelopment Authority under its Strategic Development Incentive Scheme, will feature two tower buildings of 64 and 43 storeys on a six-storey podium, with a rooftop garden, performance theatre and basement carpark. As well as a separate 29-storey tower erected above the connected basement carpark.
And with the added bonus of being near to the Tampines North MRT Condo, locating a home here will guarantee one the ease of travelling to one of Singapore’s bustling central business districts as well as the many popular spots offered by our nation’s Lion City.
The company, under the managing directorship of Ong Beng Seng who is now a subject of a graft-related probe, has yet to determine the timeline of the redevelopment, though plans and details are with its professional advisors.
If completed, the transformation of the Orchard Road precinct will create a vibrant, energetic and prominent destination that will provide connectivity between neighbouring developments. It will be an exciting focal point to the North West of Orchard Road, offering a new critical mass of activities.