HPL to focus on its assets, projects after exiting Cuscaden consortium

Hotel Properties (HPL), the real estate company owned by tycoon Ong Beng Seng, will focus on developing its assets and holdings after exiting a Temasek-backed consortium that owns Paragon real estate investment trust (Reit), among other assets.

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The amount that HPL received for its stake is not known.

"Hotel Properties Limited, Tiga Stars' parent company, plans to focus its resources on the development of its other assets and projects," said the company on Jan 24.

The filing disclosed that HPL's subsidiary Tiga Stars had ceased to hold any shareholdings in the Cuscaden Peak consortium. Cuscaden Peak has a deemed interest of 61.51 per cent in Paragon Reit, and this means that HPL no longer owns any interest in the Reit.

Cuscaden Peak was formed with three partners - namely HPL's Tiga Stars, CLA Real Estate's Adenium and Mapletree Investments' subsidiary Mapletree Fortress.