Ong Beng Seng’s HPL Shifts Focus to Orchard Road Post-Cuscaden Exit

HOTEL Properties Ltd (HPL), the real estate player owned by tycoon Ong Beng Seng, will focus on developing its assets and holdings after exiting a Temasek-backed consortium that owns Paragon real estate investment trust (Reit), among other assets.

“Hotel Properties Ltd, Tiga Stars’ parent company, plans to focus its resources on the development of its other assets and project,” said the company in a recent filing.

The Jan 24 filing disclosed that HPL’s subsidiary Tiga Stars had ceased to hold any shareholdings in Cuscaden Peak. While Cuscaden Peak has a deemed interest of 61.51 per cent in Paragon Reit, this means that HPL no longer owns any interest in the Reit.

The amount that HPL received for its stake is not known. 

The Cuscaden Peak consortium was formed with three partners; namely HPL’s Tiga Stars, CLA Real Estate’s Adenium and a Mapletree Investments’ subsidiary Mapletree Fortress.