Hotel Firm of Tycoon in Singapore Graft Probe Approved to Revamp Shopping Belt
- Company’s shares jump 11% on approval for redevelopment
- Ong Beng Seng is currently under a government graft probe
Pedestrians at Orchard Road in Singapore.
Photographer: Edwin Koo/BloombergThis article is for subscribers only.
Singapore’s Hotel Properties Ltd., whose managing director Ong Beng Seng is currently under a graft probe, has won government approval to redevelop three of its properties on Orchard Road, the city-state’s famed shopping strip.
The government greenlit the company to redevelop a project that will be about 1.2 million square feet, according to a stock exchange filing by the firm on Monday. The company’s shares jumped more than 11% as of 3:40 p.m. Singapore time, the most since June 12.