Shannon Bennett takes on Singaporean partners

Shannon Bennett takes on Singaporean partners
Shannon Bennett takes on Singaporean partners

Chef Shannon Bennett has sold a majority stake in his hospitality empire to Singapore's wealthiest family for around $15 million.

The deal with billionaire brothers Robert and Philip Ng involves a portfolio of the city's top eateries, including flagship restaurant Vue de Monde and the Burnham Beeches redevelopment project.

He will act as the culinary brand ambassador for what is tipped to be a substantial restaurant expansion into Asia and the United States by Golden Developments, a subsidiary of Far East Organization, Singapore's largest private property developer.

The deal did not include any freehold property.

Forbes magazine estimates the owners the Ng brothers' fortune at $8.7 billion.

The deal, which valued the Vue Group's at $22.5 million, has not been formally announced by either party but contained in documents lodged with the Australian Securities and Investment Commission, obtained by The Age.

Bennett, who retains a 35 per cent ownership stake in Vue Group, opened his first restaurant in 2000. The flagship Vue de Monde restaurant, on the 55th floor of the Rialto in 2011, regained its third hat at The Age Good Food Guide awards in September.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Restaurant Sale Golden Developments


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