SBC and M'sian born tycoon Ong team up in Hard Rock venture

  • Business
  • Tuesday, 30 Sep 2014

PETALING JAYA: SBC Corp Bhd said it will work with a firm linked to Malaysian-born, Singapore-based property tycoon Ong Beng Seng to develop a Hard Rock Hotel, believed to be located in Kota Kinabalu, Sabah.

The group yesterday inked a heads of agreement (HOA) with hotel operator HPL Hotels & Resorts Pte Ltd, a wholly owned unit of Ong’s Singapore main board-listed Hotel Properties Ltd.

According to SBC, HPL Hotels & Resorts has expressed interest in purchasing the hotel directly or through its nominee for a sum of between RM180mil and RM200mil.

“The objective of the HOA is to set out the preliminary understanding of the parties regarding the principal terms of the sale and purchase agreement that will be entered into by all the parties in due course,” it said in a filing.

The HOA expires on Jan 31, 2015. Under the pact, SBC is to obtain the building approvals and see the hotel through to completion.

According to its website, HPL Hotels & Resorts currently manages 12 hotels and resorts, with a total of 2,934 rooms.

These include the Concorde chain of hotels in Kuala Lumpur, Shah Alam, the KL International Airport and Singapore.

It also manages Hard Rock Hotels in Bali, Pattaya and Penang, the luxury Gili Lankanfushi in the Maldives, and boutique hotels Casa del Mar Langkawi, Casa del Rio Melaka and The Lakehouse Cameron Highlands.

Other hotel brands within the group are Four Seasons Hotels & Resorts, Hilton International and Le Meridien.

Ong, whose storied empire spans classy hotels, a securities firm and franchises for Haagen-Dazs ice-cream, Planet Hollywood and Hard Rock Cafe in several Asian countries, is founder and managing director of Hotel Properties.

The HOA extends SBC’s reach in Kota Kinabalu, where it is currently developing the RM1.8bil seafronting Jesselton Quay project.

The 16-acre Jesselton Quay includes commercial suites, a mall, retail units, office towers and a hotel in three precincts.

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