Far East Organization Explained

Far East Organization
远东机构
Type:Privately owned company
Founder:Ng Teng Fong
Area Served:Singapore
Australia
Key People:Jonathan Ng (CEO)
Industry:Property, hospitality, retail, and food and beverage
Subsid:Far East Orchard
Yeo Hiap Seng Limited
Homepage:Far East Organization
Location City:Singapore

Far East Organization is the largest private real estate developer in Singapore.[1] [2] Founded in 1960 by Ng Teng Fong,[3] [4] the company has businesses in property development, retail, hospitality,[5] and food and beverage[6] brands in Asia and Australia.[7] [8]

Far East Organization operates in Singapore, Hong Kong, Mainland China,[9] Malaysia, and Australia. It has three public-listed subsidiaries: Far East Orchard Limited,[10] Yeo Hiap Seng Limited, and Far East Hospitality Trust.[11]

History

Far East Organization's first residential project was 72 terrace houses in Jalan Pacheli in Serangoon Gardens. The project was completed in 1962.

After developing a series of residential developments in the 1960s, the company diversified into retail, starting with Far East Shopping Centre on Orchard Road in 1974. This was followed by the completion of other shopping and office developments in the prime Orchard Road area, including Lucky Plaza (1978), Orchard Plaza (1981), Far East Plaza (1983), and Claymore Plaza (1984).

In 1987, the company acquired a majority stake in the publicly listed Ming Court Hotel Limited[12] (renamed Orchard Parade Holdings Limited in 1991). The acquisition included the Ming Court Hotel, which was renamed The Orchard Parade Hotel.[13] Orchard Parade Holdings was restructured in 2012 to become Far East Orchard.

In 1995, the company acquired a majority stake in Yeo Hiap Seng, a Singaporean beverage company. The company launched the luxury development brand Inessence in 2010[14] and lifestyle real estate development brand Far East SOHO in 2011.[15]

In 2012, Far East Organization listed the Far East Hospitality Trust on the Singapore Exchange.[16] Far East Hospitality is the hospitality branch of Far East Orchard, a subsidiary of Far East Organisation.[17]

In 2013, it entered the Australian market through acquisitions and partnerships with The Straits Trading Company and Toga Group.[18] It also acquired several retail and commercial developments.

In October 2019, the company opened The Fullerton Hotel Sydney which occupies Sydney's former General Post Office, built in 1874.[19]

Two new businesses, Store-Y—a self-storage facility[20] — and Agape Laundry—a centralised commercial laundry service[21] —were established in 2017.[22]

In 2020, Far East Hospitality expanded for the first time into overseas territories with the acquisition of Village Hotel Ariake Tokyo in Japan.[23] [24]

Notable projects

Residential Homes

Inessence

Far East Organization developed the Inessence concept to cater to the luxury market.[25] [26] Key projects are:

  1. Alba:[27] A luxury residence located near Orchard Road's prime shopping belt. The Y-shaped architecture is designed by Bernardo Fort-Brescia of Arquitectonica and its high-floor units offer city views.[28] [29] [30] [31]
  2. Boulevard Vue: Located off Orchard Boulevard, this residential development with 26 units and two penthouses is designed by Takashi Sugimoto of Super Potato Japan[32] [33]
  3. Skyline@Orchard Boulevard: This development in Orchard Road features 40 units, including a triplex penthouse.[34] [35] The design is the work of Pritzker Prize Laureate Fumihiko Maki of Maki & Associates.

Far East SoHo

Far East began created another brand in 2011 labeled “Far East SOHO”, “SoHo” referring to the official small office and small home (SoHo) real estate category designation.[36] Key projects are:

  1. The Scotts Tower: Located at Scotts and Cairnhill Roads, it is the first project under the Far East SOHO brand.[37] Designed by Ben van Berkel of UNStudio in Amsterdam,[38] [39] this 31-storey tower comprising apartments and penthouses [40] [41] was awarded the World Gold Winner in the FIABCI Prix d'Excellence Award 2020.[42] [43] The development was also among eight projects recognised for design excellence and safety.[44]
  2. The Siena: This condominium in Bukit Timah features high ceilings and unique layouts.[45] [46] The 54-unit development was recognized with the SG Mark award at the Singapore Good Design Mark (SG Mark) Awards 2017[47] [48]

Mixed-use Developments

One Holland Village is a mixed-use development by Far East Organization, Sekisui House and Sino Group, located in the heart of Holland Village, Singapore. Holland Village was designated a Urban Redevelopment Authority Identity Node in 2013 - local identity areas known for their distinctive qualities.[49] [50] This project was a significant investment by the Far East-led consortium in enhancing urban living, marked by their acquisition of the site for S$1.2 billion.[51] [52] This project near the Holland Village MRT Station integrates residential, offices, retail and serviced apartment components,[53] offering a holistic urban living experience.[54] [55] The retail portion is designed as an open-air concept with greenery and public amenities.[56]

The Reserve Residences in Bukit Timah, next to the Bukit Timah Nature Reserve is an integrated development with 732 residential units, retail mall and serviced apartments.[57] [58] The mixed-use development will be integrated with a transport hub.[59] It is the first mixed-use development to be built on an integrated transport hub in Bukit Timah. Far East Organization and Sino Group jointly acquired the Jalan Anak Bukit site for S$1.03 billion.[60] [61]

Golden Mile Complex was acquired by Far East Organization, Perennial Holdings and Sino Land Group in 2022. The partners aim to transform the property into a mixed-use residential, office and retail development.[62] [63]

Shopping malls

Orchard Central is a shopping mall by Far East Organization located along the main shopping belt at Orchard Road. It sits on the land previously occupied by an open air carpark and has a 160m frontage along Orchard Road.[64] It was officially opened on 2 July 2009. In December 2016, Forbes recognized Orchard Central as one of the top five shopping malls in Singapore.[65] Discovery Walk on Orchard — which comprises Orchard Central developed by Far East Organization, 313@somerset by LendLease and orchardgateway by OCBC Bank and Great Eastern was awarded the FIABCI Prix d'Excellence Award 2016 World Gold Winner (Retail category).[66] [67]

Hotels

Far East Orchard, a listed subsidiary of the Far East Organization, operates the Oasia brand in Singapore through Far East Hospitality. The brand includes two hotelsthe 193 meter Oasia Hotel Downtown and the Oasia Hotel Novenaand the Oasia Residence.[68] [69]

External links

Notes and References

  1. News: Singapore's 50 Richest 2020, #5 Robert & Philip Ng . 3 February 2021 . Forbes . 3 February 2021.
  2. News: Chia . Jae . How Late Billionaire Ng Teng Fong Became 'King Of Orchard' - Built Over 750 S'pore Properties . 31 January 2021 . Vulcan Post . 12 November 2020.
  3. News: 20 richest families in Asia and their businesses. 30 January 2021 . The Straits Times . 28 August 2019.
  4. News: 2017 Asia's Richest Families Net Worth: #25 Ng Family . 3 February 2021 . Forbes . 14 November 2017.
  5. News: Holmes . Sam . Li . Joyce . Asia property tycoon Ng Teng Fong dies . 3 February 2021 . The Wall Street Journal . 3 February 2010.
  6. News: Chang . Chin Yong . Home-grown pride: A look at 8 of Singapore's oldest businesses . 31 January 2021 . The Straits Times . 10 August 2017.
  7. News: Koh . Joel . Top 5 Singaporean billionaires in 2020: Here's how they gained their wealth . 31 January 2021 . Asia One . 16 August 2020.
  8. Web site: Singapore developer launches first foray into Melbourne house and land estate. 6 March 2021. Sydney Morning Herald. 21 April 2015.
  9. Web site: Far East Orchard Limited . SGP Business . SGPBusiness.com . 4 February 2021.
  10. Web site: Far East Orchard Limited (O10.SI) . Yahoo! Finance . Verizon Media . 4 February 2021.
  11. News: Holmes . Sam . Far East Hospitality prices Singapore IPO at top . 31 January 2021 . Marketwatch . 14 August 2012.
  12. Web site: Far East Orchard Limited (O10.SI) . TodayIR.SG . EQS TodayIR . 4 February 2021.
  13. News: Francis . Samantha . Inside the Newly Rebranded Orchard Rendezvous Hotel in Singapore . 21 June 2021 . DestinAsia . 21 September 2018.
  14. News: Kolesnikov-Jessop . Sonia . Singapore Builders Battle for Top Buyers . 4 February 2021 . New York Times . 28 August 2010.
  15. News: Far East unveils SOHO brand . 21 June 2021 . The Edge Markets . 28 November 2011.
  16. Web site: Far East Hospitality Trust . Yahoo! Finance . Verizon Media . 4 February 2021.
  17. Web site: Far East Hospitality eyes regional expansion amid mid-tier market boom . 2024-01-17 . TODAY . en.
  18. News: Tan . Melissa . Far East Orchard wants significant presence in Australia's hospitality scene . 21 June 2021 . The Straits Times . 2 July 2013.
  19. News: Ng . Michelle . Like its sister hotel in Singapore, The Fullerton Hotel Sydney opens in a former post office . 2 February 2021 . The Straits Times . 18 October 2019.
  20. Web site: Singapore Self-Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026) . Mordor Intelligence . 4 February 2021.
  21. Web site: AGAPE LAUNDRY PTE. LTD. . SGP Business . SGPBusiness.com . 4 February 2021.
  22. News: STORE-Y . 13 February 2021 . sgpgrid.com . 28 December 2020.
  23. Web site: Far East takes over management of hotel in Ariake, Tokyo. 20 February 2021. Japan Today. 6 July 2020 . en.
  24. Web site: Far East Hospitality Expands Footprint Across Asia. 20 February 2021. www.villagehotels.asia.
  25. News: Rashiwala . Kalpana . 22 August 2022 . Far East Organization on a quest for customer satisfaction . 2023-12-26 . www.businesstimes.com.sg.
  26. News: Nicholas Yeo . 2010-07-01 . Far East launches high-end Inessence brand . www.businesstimes.com.sg . The Business Times . Property.
  27. Web site: Alba . Skyscaper Center . CTBUH.
  28. Web site: Alba at Cairnhill Rise: Investing in a dream home in the heart of Singapore . 2023-12-26 . The Jakarta Post . en.
  29. Web site: Inessence Penthouses: When being at the very top matters . 2023-12-26 . The Jakarta Post . en.
  30. Web site: Tatler Indonesia . Alba And Skyline @ Orchard Boulevard: Prestigious Living In Singapore . Tatler Asia . English.
  31. News: Zachariah . Natasha Ann . 2012-05-05 . Don't call me an icon: Bernardo Fort-Brescia, who is behind Miami's Atlantis condo, does not have a signature style . The Straits Times . English.
  32. Web site: Han . Huan Mei . 1 April 2021 . An appetite for luxury .
  33. News: Rashiwala . Kalpana . 29 February 2016 . Pandora co-founder and son buy 2 units at Boulevard Vue . 2023-12-26 . www.businesstimes.com.sg.
  34. News: Mokhtar . Atiqah . 17 February 2023 . Skyline @ Orchard Boulevard hits new high of $5,371 psf . EdgeProp.
  35. Web site: Alba And Skyline @ Orchard Boulevard: Prestigious Living In Singapore . Tatler Asia .
  36. News: Lim . Cheryl . 2011-02-07 . Home office units gaining in popularity: Soho properties can fetch good rentals; buyers seek flexible use . The Straits Times . English.
  37. Web site: Far East advances launch of The Scotts Tower . Property Guru .
  38. Web site: designboom . lynne myers I. . 2018-11-27 . UNStudio completes both 'V on shenton' and 'the scotts tower' in singapore . 2023-12-26 . designboom architecture & design magazine . en.
  39. Web site: The Scotts Tower . 2023-12-26 . UNStudio . en.
  40. Web site: 2018-12-10 . Scotts Tower / UNStudio . 2023-12-26 . ArchDaily . en-US.
  41. News: Yong . Nicholas . 2011-10-08 . Scotts' sky worlds: Architect Ben van Berkel sees his new Scotts Tower housing high-rise neighbourhoods . The Straits Times . English.
  42. Web site: Tan . Leonard . 2019-11-01 . KTP Consultants wins again with The Scotts Tower . 2023-12-26 . SJconnects . en-US.
  43. Web site: Awards . 2023-12-26 . UNStudio . en.
  44. News: Ang . Prisca . 2017-05-30 . The Scotts Tower among eight projects recognised for design excellence and safety . 2023-12-26 . The Straits Times . en . 0585-3923.
  45. Web site: 2013-05-08 . Far East opens The Siena for preview . 2023-12-26 . AsiaOne . en.
  46. Web site: Tan . Mindy . Far East opens The Siena for preview: Prices are said to start from $1.28m for a 538 sq ft unit . The Straits Times . English.
  47. Web site: The Siena - . 2023-12-26 . Singapore Good Design . en.
  48. News: Romesh Navaratnarajah . 2017-03-17 . Far East projects clinch good design awards . Property Guru . English.
  49. Web site: Our Future, Our Home. Draft Master Plan 2013 exhibition at URA . 2023-12-26 . www.ura.gov.sg.
  50. Web site: Loh . Ruth Xiu . 10 May 2019 . Holland Village: Old charm, new life . EdgeProp.
  51. Web site: Far East bags coveted Holland site for S$1.2b . 2023-12-26 . www.businesstimes.com.sg.
  52. Web site: Far East Organization-led consortium clinches plum Holland Road site . 2023-12-26 . www.businesstimes.com.sg.
  53. News: Heng . Melissa . 2019-11-27 . Mixed-use development One Holland Village to include homes, retail, offices and community spaces . 2023-12-26 . The Straits Times . en . 0585-3923.
  54. News: Bong . Xin Ying . 2019-11-29 . Enhancing Holland Village's bohemian vibe . EdgeProp . English.
  55. Web site: One Holland Village Residences units to go on sale this weekend . 2023-12-26 . www.businesstimes.com.sg.
  56. Web site: Village Vibes 2.0: What will Holland Village look like in the next three years? . 2023-12-26 . CNA Luxury . en.
  57. Web site: 2023-05-25 . Integrated Development The Reserve Residences by Far East Organization and Sino Group launches on 27 May 2023 . 2023-12-26 . Yahoo Finance . en-SG.
  58. News: Chantal . Sajan . 2023-06-23 . Come home to a forest reserve at The Reserve Residences in Bukit Timah . 2023-12-26 . The Straits Times . en . 0585-3923.
  59. Web site: Only Mixed-Use Development with Transport Hub Launched in Singapore . 2023-12-26 . Realty Plus Magazine . en.
  60. Web site: Ramchandani . Nisha . 30 August 2021 . S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group . www.businesstimes.com.sg.
  61. Web site: Burgos . Jonathan . Singapore Billionaire Brothers Win Mixed-Use Site With $766 Million Bid As Housing Market Heats Up . 2023-12-26 . Forbes . en.
  62. Web site: Burgos . Jonathan . Billionaire Ng Family's Far East, Perennial To Buy Singapore CBD Property For $504 Million . 2023-12-26 . Forbes . en.
  63. News: Liew . Isabelle . 2022-05-06 . Golden Mile Complex sold for $700m, developers to restore building . 2023-12-26 . The Straits Times . en . 0585-3923.
  64. Book: Anderson, Collin . Evolution of a retail streetscape : DP Architects on Orchard Road . 2012 . Images . Fumihiko Maki, Kenneth Frampton, Debbie Ball, DP Architects Pte Ltd . 978-1-86470-462-4 . Mulgrave, Vic. . 819942370.
  65. Web site: The 5 Best Shopping Malls In Singapore . .
  66. Web site: FIABCI World Gold Winners. fiabciprix.com.
  67. Web site: Singapore developer makes history at property industry Oscars . 30 May 2016 .
  68. Web site: 15 November 2017. ULI Global Awards for Excellence: Oasia Hotel Downtown (Singapore). registration. 7 January 2020. Urban Land Magazine.
  69. Web site: Hotel Review: Oasia Residence, Singapore (Studio) - Comfortable Serviced Residence in the West. 20 March 2017. The Shutterwhale.

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