Tycoon Ong Beng Seng’s HPL Buys Concorde Hotel Singapore In Deal Valued At $620 Million

HPL buys Concorde Hotel & Shopping Mall for $821 mil in largest en bloc deal of 2024

Luxury Peak Pte Ltd, a wholly owned subsidiary of Hotel Properties Ltd (HPL), has acquired Concorde Hotel en bloc for $821 million – paying $1 million above the guide price of $820 million when the site was launched for tender on Sept 3.

The sale price of $821 million works out to $1,804 psf per plot ratio (ppr), including the applicable land betterment charge payable of $213 million based on a redevelopment scheme comprising 40% hotel, 40% residential and 20% commercial use.

HPL already owns 95.4% of the strata area of the property: the 407-room Concorde Hotel on the fourth to ninth floors of the building and 63 of the 98 strata shops in the three-storey retail podium, which has a total strata area of 108,510 sq ft.

Rajah & Tann acted for the vendors in the collective sale, while Terra Law acted for HPL.

“The sale of Concorde Hotel & Shopping Mall is the fourth major collective sale along the Orchard Road corridor brokered by Savills, following the earlier successful collective sales of Tanglin Shopping Centre ($868 million / $2,769 ppr), Ming Arcade ($172 million / $3,125 ppr) & Delfi Orchard ($439 million / $3,346 ppr),” says Jeremy Lake, managing director, investment sales & capital markets, Savills Singapore, who brokered all four deals.

Ref: Tycoon Ong Beng Seng’s HPL Buys Concorde Hotel Singapore In Deal Valued At $620 Million (sg.news)