Temasek-backed Cuscaden Peak, a consortium of property tycoon Ong Beng Seng's Hotel Properties and two independently managed portfolio companies of Temasek, agreed to acquire Singapore Press Holdings ex-Media, a media organization, for $2.9bn. The consortium will gain access to SPH's real estate portfolio, which includes malls, residential properties, student accommodation and nursing homes, but not its loss-making media business, which was separated from the company last year. On October 29, 2021, Temasek offered to acquire Singapore Press Holdings for $2.5bn. On November 10, 2021, Keppel increased its offer to $2.8bn. On November 15,2021, Temasek increased its offer to $2.9bn. On February 10, 2022, SPH terminated its agreement with Keppel. On March 22, 2022, SPH shareholders appoved the agreement with Temasek-backed Cuscaden Peak.