Forbes Asia - October 2018

14 | FORBES ASIA OCTOBER 2018

F

or nearly three years it’s been an odd sight in Singa-

pore’s Civic District. he centerpiece of the $800 mil-

lion Capitol development project—two colonial land-

marks transformed into a luxury hotel—appeared

to be inished, but then didn’t open. No limousines

dropping of dignitaries. No Michelin-starred chefs whipping

up extravagant meals. No wealthy visitors loaded down with

shopping bags.

his month the opulent, 157-room hotel inally opened,

under the Switzerland-based Kempinski brand. It’s the end of a

bruising battle that pitted two of Singapore’s top real estate ty-

coons against each other before culminating in a drawn-out

court case. Despite losing in court, Pua Seck Guan and his Pe-

rennial Real Estate Holdings emerged with full control. he

task ahead: to turn his project on Stamford Road—which in-

cludes the iconic Capitol heatre, the vast Capitol Piazza shop-

ping center and a ten-story, newly built condominium tower—

into a moneymaker.

For now, Pua is happy that the Capitol Kempinski Hotel Sin-

gapore is at long last receiving guests. “It could be better than

Ra  es,” he says, “his is the top of the ive-star category, not an

ordinary ive-star.” More than 15 chains bid for the management

contract, but Pua and his partners liked Kempinski, Europe’s

oldest luxury brand, because it focuses solely on luxury, avoid-

ing the distraction of three- and four-star venues. It’s private-

ly held Kempinski’s irst hotel in the city as it expands in Asia,

joining Kempinski hotels in Bangkok and Jakarta; Bali follows

next year and Kuala Lumpur in 2020.

FORBES ASIA

PERENNIAL GEM

OUT OF

LIMBO

After eight years and a big

court battle, the inal piece of

Pua Seck Guan’s landmark Singapore

property project is now open.

BY JANE A. PETERSON

Lost the battle, won the hotel: Pua lost his

court fight with fellow tycoon Kwee Liong

Seen, but ended up with the Kempinski.