Singapore tycoon Ong in spotlight with F1 bid

By Sebastian Tong

SINGAPORE (Reuters) - As tycoons go, Ong Beng Seng has yet to build up a large fleet of fast cars.

That might be about to change if the Singapore billionaire hotelier, who drives an Aston Martin, pulls off a bid to stage Formula One (F1) motor racing in Singapore.

Ong, 60, met Formula One supremo Bernie Ecclestone this week and is in the final stages of negotiations to hold a leg of the best-known racing event in Singapore next year.

Ong's bid has the public support of the Singapore government, which is trying to boost its tourism industry with the launch of two multi-billion-dollar casinos.

The proposed F1 street race, like the one in Monaco but to be held at night, would benefit Ong's portfolio of hotels and boutiques along Singapore's Orchard Road shopping belt, as the event is expected to bring in thousands of tourists and F1 fans.

Shares of Ong's Singapore-listed Hotel Properties Ltd. have surged 26 percent in the last month, on speculation that he would snag the Formula One rights, particularly given Ong's government ties.

Among the officials with whom Ong has had business ties in the past is Singapore Minister of State for Trade and Industry S. Iswaran -- at a time when Iswaran was at the state agency Temasek. Iswaran told parliament last week that Formula One racing would create "attention and buzz" for Singapore.

LUXURY BRANDS

For decades, Malaysian-born Ong and his wife Christina have thrived on Asia's appetite for brand names.

Through their companies -- Hotel Properties, privately owned Como Resorts & Hotels and Club 21 -- they have assembled a portfolio of lucrative franchises and luxury properties.

The franchises range from ice-cream maker Haagen-Dazs and the Hard Rock Cafe chain to fashion label Armani, while their hotels include London's Metropolitan and Bali's Begawan Giri.

Analysts says it is difficult to estimate the Ongs' total worth. Forbes dropped them from their rich list citing a lack of information on the value of their privately owned assets.

"They are notoriously difficult to talk to. Even though they are listed, they operate pretty much like a private company," said one analyst of Ong's Hotel Properties, which has a market value of US$1.35 billion.

The firm develops luxury homes and operates hotels, including the Four Seasons in the Maldives and Bali.

Christina -- who holds distribution rights to fashion labels such as Mulberry and DKNY -- runs Club 21, which operates 200 fashion stores worldwide and Como Resorts and Hotels, which owns several luxury spas and hotels including Uma Paro in Bhutan.