A consortium of developers including Grosvenor Estate Holdings, which owns more than 120 hectares of prime real estate in central London, has acquired the Forum - a 17-storey commercial building on Orchard Road in Singapore for S$359 million (HK$1.89 billion). Grosvenor Estate Holdings are no strangers to Hong Kong where, along with Shaw Land Investment, they are the controlling shareholders in the local property agency business, Marlin Land. Grosvenor Estate, Ayala International and SC Global hold a 41 per cent stake in the project, and the Singapore-listed Hotel Properties has a majority 59 per cent stake. The 68,202 square foot site includes five floors of retail space, which caters largely to families, and office space. It is one of the last freehold sites available for redevelopment in the city centre, according to officials with Grosvenor Shaw Asset Management, the company that represents Grosvenor Estate's interests in Asia. The redevelopment potential of the site is believed to be a key reason for the consortium's interest in the property. Grosvenor Shaw Asset Management managing director Nicholas Loup said a change in plot ratio from 3.8 to 4.6 was a strong incentive to purchase the site. According to one estimate, the new plot ratio means that the existing building could be built as high as 30 storeys. It is conceivable that Hotel Properties, which owns the nearby HPL House and the Hilton Hotel, might redevelop all the sites together, according to one report.