Hongkong Land Is in Talks With Ong Beng Seng’s HPL for a Majority Stake in Three Orchard Road Buildings, Sources Say

The people said a deal could involve the Jardine Matheson-controlled developer investing in three adjacent properties earmarked for development: the voco Orchard hotel, Forum shopping mall and HPL House, which houses HPL’s headquarters and Hard Rock Cafe. Discussions are at an early stage and could end without a deal. A Hongkong Land spokesperson declined to comment, as did HPL group executive director Christopher Lim.

HPL has been looking to reduce its stakes in the voco hotel and Forum mall, excluding HPL House, but is now including HPL House in the assets for sale after talks with other interested parties fell through, the people said.

HPL received provisional government approval in 2023 to redevelop the three properties into a mixed project of hotel, retail, office and residential components, with a rooftop garden and a performance theatre. As the sale progressed, some potential partners balked because of uncertainties, including the theatre’s profitability and the lack of income for years during a major transformation that would need significant capital. Lim told a shareholders’ meeting in April that HPL was evaluating the redevelopment carefully because it would mean giving up recurring income, and was focused on optimising development potential, including seeking revisions to some approved parameters.

HPL swung to a net loss of S$39.1 million in the first half of 2026 from a profit of S$11.4 million a year earlier. Its shares have fallen 6 per cent over the past year, against a 25 per cent gain in the Straits Times Index. A successful deal would be a respite for the company, which has faced challenges since co-founder Ong Beng Seng was convicted in 2025 in a case linked to the imprisonment of former transport minister S Iswaran. Ong, who avoided a jail sentence and was fined, controls HPL with his wife Christina Ong through a roughly 60 per cent stake and gave up his decades-long role as managing director, citing medical conditions.

For Hongkong Land, a purchase would expand its presence in Singapore’s retail strip. A new fund backed by the firm said in July it was buying the Wheelock Place mall for S$1.1 billion from long-time owner Wharf Real Estate Investment. Wharf’s controlling shareholder, Hong Kong billionaire Peter Woo, owns about a fifth of HPL’s shares.