Ong Beng Seng will not seek re-election to the HPL board
A player in a Singapore graft case leads today’s roundup of real estate headlines from Asia as Ong Beng Seng forsakes the top titles in a company he started four decades ago. Gaw Capital also makes the headlines with a Hong Kong loan extension and one of Korea’s largest investors is close to picking a manager for a core mandate.
HPL Boss Ong Beng Seng Steps Down in Advance of Guilty Plea
Ong Beng Seng, the billionaire set to plead guilty for his role in a Singapore graft scandal, will step down as the managing director of the property firm he founded more than four decades ago.
Two long-time executives at Hotel Properties Ltd., Christopher Lim and Stephen Lau, “will continue to manage the company,” according to a spokesperson for the Singapore-listed firm. Ong will provide “strategic oversight and direction” to the firm, the spokesperson said in response to queries from Bloomberg News. Read more>>
Gaw Capital Wins One Month Loan Extension on Hong Kong Office Case
Hong Kong-based investment firm Gaw Capital Partners’ syndicated loan backing two office towers has been extended by a month, according to people familiar with the matter, as talks with banks on a refinancing proposal continue.
All banks have agreed to extend the maturity of a HK$10.3 billion ($1.3 billion) loan due early April to May 9, said the people, who asked not to be identified discussing private matters. BNP Paribas SA, Hang Seng Bank Ltd., Standard Chartered Plc and United Overseas Bank Ltd. are among the largest lenders of the borrowing, which backs Cityplaza Three and Cityplaza Four, both located in Hong Kong’s eastern Taikoo area. Read more>>
Korea Post Shortlists Mirae, Koramco, Hana for Core Mandate
Mirae Asset Global Investments Co., Koramco REITs Management and Trust Co. and Hana Alternative Asset Management Co. were shortlisted for the mandate of more than 600 billion won ($420.1 million) in core real estate fund investment by Korea Post.
The state agency plans to select a manager from among them as early as this month after conducting due diligence including qualitative assessments, a source at the national postal service said on Monday. Korea Post is set to allocate about 500 billion won to the selected manager to set up the fund of more than 600 billion won. Read more>>
Sapporo Plans to Provide Dividends on Expected Property Sales
Japanese brewer Sapporo Holdings will return to shareholders part of the proceeds expected from the planned sale of the group’s real estate assets, its new president told Nikkei in an interview.
Hiroshi Tokimatsu assumed the role of president of Sapporo Holdings in March, taking over from Masaki Oga, who was named special adviser. Tokimatsu’s resume includes a stint as head of Sapporo’s real estate business. Read more>>
India’s Lodha Brothers Resolve Dispute Over Use of Family Name
The longstanding disputes between real estate heirs and brothers Abhishek and Abhinandan Lodha have amicably resolved under the guidance of their parents.
According to the agreements, Abhishek Lodha-led Macrotech Developers Ltd. (MDL), is the owner of, and has the exclusive right to use, the brand names ‘Lodha’ and ‘Lodha Group’. Abhinandan Lodha has been given the the exclusive right to use the brand name ‘House of Abhinandan Lodha’ (“HoABL”). Read more>>
Hyatt Plans to Double India Hotel Capacity
Hyatt Hotels plans to double its number of properties in India over the next five years, as affluent residents splurge on weddings, pilgrimage and concerts.
The Chicago-based chain, which operates 50 hotels in India, is planning to add 50 more, said Sunjae Sharma, managing director of India and south-west Asia at Hyatt. Six of those will be opened this year in cities such as Kochi in southern India and Jaipur in the north, he said. Read more>>
Savills Downgrades Singapore Investment Forecast as Deal Pace Slows
Real estate consultancy firm Savills Singapore downgraded its 2025 forecast for total investment sales to S$20 billion, from S$23 billion previously.
This comes as property investment sales in Singapore dropped 24 per cent quarter on quarter (qoq) to S$5.8 billion in the first quarter of 2025, largely driven by subdued activity in the private sector. Private-sector investment sales fell 47.3 per cent qoq to S$3.01 billion in Q1, said a Savills Singapore report released on Monday (Apr 14). Read more>>
Why Bally’s Pushed Forward with Star Rescue Ahead of Administration
Bally’s Corp (BALY.N), opens new tab considered waiting for Star Entertainment (SGR.AX), opens new tab to enter voluntary administration before investing but feared the Australian casino group would have been too hard to rescue, the U.S gaming firm’s chairman, Soo Kim, told Reuters.
Rhode Island-based Bally’s and the Mathieson family – Star’s largest investor – engineered a A$300 million ($188 million) rescue package, handing over the first A$100 million last week. The initial funds will keep Star afloat for 15 months while seeking regulatory approval for the full investment, Kim said. Read more>>
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