Ong Beng Seng Resigns Amid Graft Case; Real Estate Updates

Singapore, April 15, 2025 - Ong Beng Seng is stepping down as managing director of Hotel Properties Ltd. (HPL) while facing a graft investigation. Christopher Lim and Stephen Lau will jointly manage the company. Ong will continue to provide strategic oversight during this transition.

In other news, Gaw Capital Partners has secured a one-month extension for its HK$10.3 billion loan. The loan supports Hong Kong office towers Cityplaza Three and Four. Lenders include BNP Paribas SA, Hang Seng Bank Ltd., Standard Chartered Plc, and United Overseas Bank Ltd.

Meanwhile, competition is heating up among Mirae Asset Global Investments Co., Koramco REITs Management and Trust Co., and Hana Alternative Asset Management Co. They are vying to manage over 600 billion won for Korea Post's core real estate fund investment. The selection of a manager is expected this month.

Sapporo Holdings' new president, Hiroshi Tokimatsu, who succeeded Masaki Oga in March, intends to return proceeds from real estate asset sales to shareholders.

In India, Abhishek Lodha and Abhinandan Lodha have resolved their disputes. Macrotech Developers Ltd. now has rights to the 'Lodha' brand. Abhinandan Lodha retains rights to 'House of Abhinandan Lodha'.

Hyatt Hotels is planning significant expansion in India. The company aims to double its properties in the country within five years, adding 50 hotels to its current portfolio of 50. Six new hotels are slated to open this year.

Savills Singapore has adjusted its 2025 Singapore investment sales forecast downwards to S$20 billion. This revision follows a 24% drop in Q1 2025, primarily driven by a 47.3% decrease in private-sector investment sales.

Finally, Bally's Corp has invested in Star Entertainment to help prevent a potential collapse. Bally's and the Mathieson family have provided A$300 million as part of a rescue package.