HPL receives green light to acquire entire Concorde Hotel and Shopping Mall strata area at S$821M

SINGAPORE: Hotel Properties Limited (HPL) has received the green light from the Strata Titles Board to proceed with acquiring the S$821 million entire strata area of the Concorde Hotel and Shopping Mall, The Edge Singapore reported.

The deal, carried out through HPL’s wholly owned subsidiary Luxury Peak, values the remaining property at about S$74.84 million.

The company stated that the purchase will not have any material impact on its consolidated net earnings per share or consolidated net tangible assets per share, based on its financial results for the year ended Dec 31, 2024.

Previously, HPL had already owned 95.4% of the property for years through five of its wholly owned subsidiaries, including the 407-room hotel, which spans levels four to nine, and 63 out of 98 strata shops in the three-storey retail podium. The total area covers about 108,510 square feet (sq ft).

In September last year, Savills Singapore announced the sale of Concorde Hotel & Shopping Centre through a public tender, with a guide price of S$820 million or about S$1,801 per plot ratio (ppr). This price includes S$213.1 million to extend the lease to a new 99-year term, based on a proposed mixed-use scheme of 40% hotel, 40% residential, and 20% commercial use.

HPL, through Luxury Peak, later announced the en bloc purchase on Nov 7, 2024, for S$821 million, a million more than the guide price. /TISG 

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