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HPL
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Joelton
Supreme |
24-Oct-2024 11:44
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HPL prices S$160 million perpetual securities at 5.5%
The distribution rate will be reset on the first reset date of Oct 30, 2029, and every five years thereafter
HOTEL Properties Limited : H15 0%(HPL) has priced S$160 million in subordinated perpetual securities at 5.5 per cent under its S$1 billion multicurrency debt issuance programme.
The net proceeds arising from the issue of the securities will be used to refinance the existing borrowings and finance the working capital requirements of HPL and its subsidiaries, the group said on Wednesday (Oct 23).
DBS, OCBC and UOB will be joint lead managers for the issue.
Holders will receive distributions in arrears and may redeem the perpetual securities on the first reset date of Oct 30, 2029, or any distribution payment date falling after the first reset date.
The distribution rate will be reset on the first reset date and every five years thereafter.
This will be at a rate equal to the Singapore Overnight Rate Average Overnight Indexed Swap and the initial spread of 2.863 per cent, plus the step-up margin of 1 per cent and the change of control event margin of 3 per cent.
The perpetual securities are expected to be issued on Oct 30. Distributions will be paid twice a year in April and October.
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Johnsnow
Master |
05-Oct-2024 07:44
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Why GS holding also halt the same time and date related to ah ong business | ||||
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spursfan
Elite |
04-Oct-2024 20:33
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https://links.sgx.com/1.0.0/corporate-announcements/QF7VSHUA8PFGH2FX/821072_2024%2010%2004%20HPL%20Ann%20of%20Charges%20against%20MD.pdf | ||||
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Joelton
Supreme |
14-Aug-2024 11:23
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Ong Beng Seng&rsquo s Hotel Properties trims H1 loss to S$4.9 million
Revenue increase comes amid better performance from hotels and resorts, new opening
HOTEL Properties : H15 0% (HPL), the real estate player owned by tycoon Ong Beng Seng, on Tuesday (Aug 13) reported a net loss of S$4.9 million for the half year ended Jun 30, narrowing from a loss of S$17.2 million in the corresponding year-ago period.
This comes as the group&rsquo s revenue increased 8.9 per cent on year to S$347.3 million from S$319 million, on better performance by a majority of the group&rsquo s hotels and resorts, and the opening of Six Senses Kanuhura Maldives, which had undergone a major refurbishment, noted the group in a bourse filing.
Loss per share for the period was S$0.0162, from S$0.0397 year on year.
For the six months, the group recorded a mark-to-market fair-value gain on long-term investments of S$5.5 million, compared to a loss of S$8.4 million a year ago.
Finance costs rose 8.3 per cent to S$50.2 million, from S$46.3 million in the first half of FY2023, due to higher borrowings and interest rates.
The group noted that it opened its first Japan hotel, Four Seasons Osaka, on Aug 1. The Four Seasons Hotel Osaka is HPL&rsquo s 15th Four Seasons property, making HPL the largest owner of Four Seasons hotels in the world.
It is located next to mixed-use building One Dojima, which houses the Brillia Tower Dojima residential apartments that the group has a 25 per cent co-ownership in.
&ldquo The sale of most of these apartments is expected to complete later this year,&rdquo the group added.
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blitz99
Senior |
11-Jun-2024 22:03
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$645m fair value gains translates to approx $1.24 per share.
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blitz99
Senior |
11-Jun-2024 21:59
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Recent en bloc at orchard /tanglin stretch that is near voco/forum/hpl house as reported: 1) Feb 2022: Tanglin Shopping centre sold at $868m ($2769 psf ppr) 2) Sep 2023: Ming Arcade sold $172m ($3125 psf ppr) 3) Recently: Delfi Orchard sold $439m ($3346 psf ppr) 4) Far East Shopping centre offer that failed to garner 80% support $850m (approx. $3500 psf ppr) HPL proposed redevelopment 1.23million sf GFA if based in above land rates and recent HPL annual report of approx. 521.4 million shares: 1) $2769 psf ppr at 1.23million GFA, translates to approx $3.406 billion or $6.53 per share 2) $3125 psf ppr at 1.23million GFA, translates to approx $3.84 billion or $7.36 per share 3) $3346 psf ppr at 1.23million GFA, translates to approx $4.11 billion or $7.88 per share 4) $3500 psf ppr at 1.23million GFA, translates to approx $4.30 billion or $8.25 per share just pure land values based on the recent prices in the vicinity. will there be further revaluation gains? the recent year HPL annouced fair value gains of $645m. |
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MrBear12
Supreme |
29-Apr-2024 18:56
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Old soldiers never say die.
Thanx for the heads up
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Secret_Squirrel
Master |
29-Apr-2024 18:53
Yells: "Buy share cannot keep long ,will LPPL ,back to square one" |
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OBS name is still mentioned in the Annual Report as the Managing Director of the company. Number of issued shares excluding treasury shares : 521,424,951shares as at March 18, 2024 Company very little shares issued. lol Approximately 11.79% of the issued ordinary shares are held in the hands of the public. Very little shares in the market. lol
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MrBear12
Supreme |
29-Apr-2024 18:37
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Under investigation? | ||||
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Secret_Squirrel
Master |
29-Apr-2024 18:34
Yells: "Buy share cannot keep long ,will LPPL ,back to square one" |
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HOTEL PROPERTIES LIMITED
Date & Time
30 Apr 2024 04:00 PM
Location
The AGM will be held physically at Crescent Ballroom, Level 2 Four Seasons Hotel Singapore, 190 Orchard Boulevard, Singapore 248646.
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Everyday
Elite |
28-Feb-2024 01:15
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HPL reports surge in FY2023 earnings on revaluation gains The Edge SingaporeTue, Feb 27, 2024 &bull 10:34 PM GMT+08 &bull &bull 2 min read
Hotel Properties Limited, whose managing director Ong Beng Seng is involved in the corruption case of former minister S Iswaran, has reported a surge in earnings for FY2023. For the year ended Dec 2023, the company reported earnings of $561.0 million, versus $40.2 million reported for the preceding FY2022. While the companyt enjoyed better operating numbers from the recovery of its hospitality businesses, the big chunk of the earnings growth came from $645 million in fair value gain on its Singapore investment properties. Revenue in the same period was $642.1 million, up 22.2% from FY2022. HPL plans to pay a first and final dividend of 4 cents plus a special dividend of 1 cent per share. In its earnings commentary, HPL sees continued growth in international travel, which should bode well for its businesses. " Although there is no indication of rate cuts by the Federal Reserve Board, with the easing of inflation, most are expecting interest rates to have peaked. " Challenges however remain, with continuing geopolitical tensions and slowing down of global economic growth," adds HPL. Last August, HPL has said it has received provisional permission from URA to redevelop a clutch of adjacent properties it owns along the prime Orchard Road belt, including the Forum, voco Orchard Singapore and HPL House. HPL intends to undertake a mixed development comprising hotel, retail, office and residential components, and is working on further detailed plans. HPL shares last traded at $3.58, a relatively small discount off its NAV of $4.13 as of Dec 31 2023. |
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Everyday
Elite |
28-Feb-2024 01:10
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Profit after tax 572m for 2H 2023 compared to 28.5m for 2H 2022 due to gain from investment Dividend 6c. The Board of Directors has recommended a first and final one-tier tax exempt cash dividend of 4 cents per ordinary share, and a onetier tax exempt special dividend of 2 cents per ordinary share, in respect of the current financial year reported on. Payment of the said dividend is subject to the approval of shareholders at the forthcoming Annual General Meeting. Financial Report : https://links.sgx.com/1.0.0/corporate-announcements/YDU8JJYPKALUFKJ6/1ade48e7e1aa76e98a821f4cfd8f280b02cab1684dfdc67679f423e1a60386bc |
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moonsun
Veteran |
19-Jan-2024 12:22
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Soon can see action.. | ||||
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Cadence88
Senior |
18-Jan-2024 08:33
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Will the share falls further ? | ||||
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Joelton
Supreme |
06-Sep-2023 11:50
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Joelton
Supreme |
31-Aug-2023 09:33
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Will HPL&rsquo s minority investors benefit from the redevelopment of its Orchard Road assets?
HOTEL Properties Ltd (HPL) could unlock a great deal of value from its cluster of prime Orchard Road properties. Whether this leads to a big payday for minority investors is another matter, though.
On Monday (Aug 28), shares in HPL bounced up 10.8 per cent after the company announced it had received provisional permission from the Urban Redevelopment Authority (URA) to redevelop Forum The Shopping Mall, the voco Orchard Singapore hotel, and office development HPL House.
These properties &ndash widely seen as HPL&rsquo s crown jewels &ndash occupy freehold and 999-year leasehold land spanning 14,027 square metres (sq m) along Orchard Road and Cuscaden Road.
HPL is proposing a mixed redevelopment comprising hotel, retail, office and residential components that will transform the area into a &ldquo vibrant, energetic, significant and prominent precinct&rdquo .
HPL plans to build two tower buildings &ndash with 64 storeys and 43 storeys, respectively &ndash on a six-storey podium with a rooftop garden, theatre and basement car park. A separate 29-storey tower will be erected over the contiguous basement car park.
The project will have a gross floor area of approximately 114,153 sq m.
HPL submitted its redevelopment plan under URA&rsquo s Strategic Development Incentive Scheme, which offers incentives for the redevelopment of older buildings that have the potential to transform their surrounding areas.
Shares in HPL shot up in June following news that the company had submitted redevelopment plans for the properties.
DBS Group Research said at the time that the proposal could yield significant upside to its revalued net asset value (RNAV) estimate for HPL of S$5.80 per share.
HPL reported a net asset value of S$3.10 per share as at Jun 30.
The stock rolled back over the following weeks, though &ndash partly on reports in July that HPL&rsquo s major shareholder and managing director Ong Beng Seng was embroiled in a corruption investigation involving Minister for Transport S Iswaran.
HPL closed on Wednesday (Aug 30) at S$3.76 &ndash a 35.2 per cent discount to the possibly conservative estimate of its RNAV by DBS.
SGX queries
On the face of it, owning shares in HPL seems like a good idea.
Even if it takes a while for the redevelopment of its Orchard Road and Cuscaden Road properties to be implemented, the group is in the throes of a post-pandemic recovery.
On Aug 11, HPL reported a 27.9 per cent year-on-year increase in revenue to S$319 million for the six months to Jun 30. It attributed this mainly to better performance by its hotels and resorts, as international travel continued to recover.
HPL nevertheless reported a loss of S$17.2 million for the half-year period, versus earnings of S$1.9 million for the corresponding period last year. It attributed the reduced profitability partly to finance costs more than doubling to S$46.3 million, due to rising interest rates.
HPL also noted that its share of results of associates and jointly-controlled entities swung to a loss of S$16.5 million in H1 2023, versus a profit of S$20.1 million in H1 2022. The figure for H1 2022 included a non-recurring gain of S$30 million from the disposal of Hilton London Olympia.
On Aug 22, in its responses to queries from the Singapore Exchange (SGX) about this recent set of financial numbers, HPL unintentionally reminded investors that Ong&rsquo s real estate interests are not entirely held under the public-listed company.
SGX noted that HPL had provided equity contributions and advances totalling S$25 million in H1 2023 to associates and jointly-controlled entities in which certain directors are deemed to have an interest, and asked the company for more information about these transactions.
HPL responded by stating it had provided advances of S$18.2 million to Great Western Enterprises (GWE), in which Ong and his fellow director David Fu each have a 15 per cent beneficial interest.
HPL also provided advances of S$6.5 million to HPL Dolomites (UK), in which Ong holds a 20 per cent beneficial interest.
HPL said that its joint venture partners contributed advances in proportion to their equity in these entities.
This was not entirely new information. Back in 2014, HPL said it had formed GWE as a 70-30 joint venture with an entity controlled by Ong and Fu to acquire a property in London that has since been redeveloped as Paddington Square.
HPL said in its latest annual report that &ldquo practical completion&rdquo was achieved in December 2022 for Paddington Square &ndash a mixed-use project comprising offices as well as retail and leisure offerings.
In 2020, HPL said that it had formed HPL Dolomites as an 80-20 joint venture with an entity owned by Ong to acquire a 90 per cent stake in a luxury hotel in Italy. HPL Dolomites bought the remaining 10 per cent of the hotel in April this year.
Low public float
Many investors may assume that owning shares in HPL is akin to riding along with Ong, as he pursues his entrepreneurial activities.
Yet, HPL could well be just another tightly-owned, asset-laden company destined to be taken private one day for much less than the value of its underlying assets.
Indeed, Ong teamed up with Wheelock Properties to take HPL private in 2014. The offer price was raised from an initial S$3.50 per share to S$4 per share, and then to S$4.05 per share.
The final offer price was as much as 22.7 per cent below its RNAV, which the independent financial adviser appointed for the deal estimated to be between S$5.02 and S$5.24 per share.
Ong and Wheelock Properties did not succeed in gaining sufficient shares to delist the company.
Interestingly, Wheelock Properties ended up being taken private by its parent group in 2018. The offer price of S$2.10 per share was a more than 19.2 per cent discount to the company&rsquo s book value &ndash which consisted largely of its investment properties Wheelock Place and Scotts Square, its beneficial interest in HPL, and a pile of cash.
Despite the lowball offer price, Wheelock Properties&rsquo parent group &ndash which held more than 76.2 per cent of its shares before the offer &ndash managed to push its stake to just a hair above the 90 per cent threshold.
Will HPL go the same way? Are its shares attractive for long-term investors?
Since the offer by Ong and Wheelock Properties back in 2014, shares in HPL have delivered a total return of just 12.6 per cent &ndash and that&rsquo s including the bounce earlier this week.
The Straits Times Index returned 41 per cent over the same period.
HPL&rsquo s most recent annual report shows Ong holding a direct stake of nearly 21.1 per cent, and a deemed interest of 39.4 per cent. Wheelock and Company holds a deemed interest of 22.5 per cent.
Only 11.5 per cent of HPL&rsquo s shares are in the hands of the public.
Tempting as the potential redevelopment of HPL&rsquo s cluster of properties on Orchard Road may be, investors should tread carefully with its stock.
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lifeisgood
Supreme |
29-Aug-2023 11:03
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Asset-heavy property groups like HPL should have minimal key man risk Leslie YeePublished Mon, Jul 24, 2023 · 3:18 pm
The travails of Ong Beng Seng may have little impact on operations of asset-heavy Hotel Properties Limited.
Tycoon Ong Beng Seng has been in the corporate limelight here for years. His name, or OBS as he is popularly known, is linked with top hotels, high-profile takeover battles, as well as the bringing of the Formula 1 night race to Singapore.
Thus, it sent shockwaves throughout corporate Singapore when Hotel Properties Limited : H15 -1.79% (HPL) announced early in the morning on Jul 14 that OBS was asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information on his interactions with Minister for Transport S Iswaran, and that OBS was arrested and had posted bail. Aged 77, OBS is a Singapore-based Malaysian billionaire. He is the co-founder of HPL, where he is the managing director. Based on latest corporate filings, OBS has a total interest of over 60 per cent in HPL. HPL&rsquo s nominating committee has assessed and determined that OBS continues to be suitable to carry out his duties and responsibilities as managing director.
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Joelton
Supreme |
29-Aug-2023 10:02
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HPL&rsquo s plan to redevelop Forum mall, voco Orchard Singapore and HPL House gets URA nod
HOTEL Properties Limited : H15 +10.8% (HPL) has received the nod from the Urban Redevelopment Authority (URA) to turn Forum The Shopping Mall, voco Orchard Singapore and HPL House into a massive mixed-use redevelopment.
Spanning 114,153.38 square metres, the mixed-use project will have a hotel and residential units across two tower buildings, as well as retail and office space, said the company on Monday (Aug 28).
The Business Times had reported in June that URA received a development proposal involving land parcels on the prime corner of Orchard Road and Cuscaden Road.
Speculation has swirled for two decades that HPL would undertake this redevelopment project. The company said on Monday that it had applied for provisional permission to identify those of its assets, which could be enhanced and optimised for value.
In the proposed plan, there could be three tower blocks forming part of the mixed-use development, with the tallest at 64 storeys. HPL also has plans for a six-storey podium with a rooftop garden, a performance theatre and a basement car park.
&ldquo If and when it is implemented and completed, the proposed redevelopment will transform this part of Orchard Road into a vibrant, energetic, significant and prominent precinct,&rdquo said the hotel operator.
It hopes the redevelopment will be a &ldquo gateway destination on Orchard Road and provide connectivity between the site and neighbouring developments&rdquo .
The company had submitted the proposal under the URA&rsquo s Strategic Development Incentive Scheme, which encourages the redevelopment of older buildings in strategic areas into new developments that will transform the locale.
&ldquo The company and its professional advisers are working on further detailed plans and the timeline for the proposed redevelopment has not been determined at this stage,&rdquo it added.
News of the approval sent HPL shares soaring. The counter ended 10.8 per cent, or S$0.38, higher at S$3.90 on Monday.
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lifeisgood
Supreme |
28-Aug-2023 22:10
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Why? Can please elaborate. Thanks
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lausk22
Veteran |
28-Aug-2023 16:51
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GRANT OF PROVISIONAL PERMISSION FOR REDEVELOPMENT OF THE FORUM, VOCO ORCHARD SINGAPORE AND HPL HOUSE The Board of Directors of Hotel Properties Limited (&ldquo HPL&rdquo or &ldquo the Company&rdquo and together with the subsidiaries, the &ldquo HPL Group&rdquo ) wishes to announce that the HPL Group has received the Grant of Provisional Permission (&ldquo PP&rdquo ) for the redevelopment of the Forum, voco Orchard Singapore and HPL House (collectively referred hereinafter as the &ldquo Properties&rdquo ) from the Urban Redevelopment Authority under the Strategic Development Incentive (&ldquo SDI&rdquo ) Scheme, subject to certain terms and conditions. The combined site of the Properties, all freehold land and a 999-year leasehold land located along Orchard Road and Cuscaden Road, has a total land area of 14,027.12 square metres (150,986.66 square feet). The approval is for a comprehensive mixed redevelopment comprising hotel, retail, office and residential components in two tower buildings of 64 storeys and 43 storeys on a 6-storey podium with a rooftop garden, a performance theatre and basement carpark. A separate 29-storey tower will be erected over the contiguous basement carpark. The total approved gross floor area for the proposed mixed development is approximately 114,153.38 square metre (1,228.736.71 square feet). If and when it is implemented and completed, the proposed redevelopment will transform this part of Orchard Road into a vibrant, energetic, significant and prominent precinct. It will be a focal point to the North West of Orchard Road, a new critical mass of mixed activities, a gateway destination on Orchard Road and provide connectivity between the site and neighbouring developments. The design of the roof garden on the top of the 6-storey podium would draw reference from the geometry of the architecture, with landscaping visuals and planting palette with a diversity of trees and plant species which will be tropical and naturalistic which is in line with the &ldquo City in Nature&rdquo vision. The application for the PP was made in response to the rejuvenation incentives for strategic areas under the SDI Scheme, as part of our asset management review to identify assets under the HPL Group which could potentially be enhanced and their values optimised. 50 Cuscaden Road #08-01 HPL House Singapore 249724 Tel : (65) 6734 5250 Fax : (65) 6732 0347 CO. REG. NO. 198000348Z The Company and its professional advisers are working on further detailed plans and the timeline for the proposed redevelopment has not been determined at this stage. None of the directors, co
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