Hotel Properties Limited to sell Ming Arcade commercial units for S$61m

MAINBOARD-LISTED Hotel Properties Limited (HPL) on Tuesday (Dec 20) announced that it will sell all seven of its shop units in Ming Arcade to Singapore-based Royal Hiranandani for S$61 million.

The transaction was made by a collective sale by way of public tender, the hotel operator said in a bourse filing.

Ming Arcade was sold to Royal Group of Companies – a Singapore-based family office controlled by billionaire Asok Kumar Hiranandani – for S$172 million by a public tender exercise. The property investment and development company intends to redevelop its newly-purchased site.

The seven commercial units have an aggregate strata area of 1,774 square metres, and make up 54.63 per cent of the total strata area, as well as 54.6 per cent of the total share value of Ming Arcade.

The board believes that the sale is in the best interest of the group and shareholders as it will enable HPL to unlock the underlying value and realise its investments in the commercial units.

Shares of HPL closed flat at S$3.60 on Tuesday before the announcement.