Far East Hospitality aims to double its portfolio in next 5 years

Far East Hospitality will be unveiling two new hotels in Singapore come 2013.

This is part of its plans to double its property portfolio in the next five years.

The hospitality operator currently manages eight hotels and nine serviced residences in Singapore.

It also oversees the Sri Tiara residences in Kuala Lumpur, Malaysia.

East Village Hotel in the Katong district and The Amoy Hotel at Far East Square will be owned by parent firm Far East Organization.

Both will open in the first quarter of 2013. The Amoy Hotel will have 37 rooms while East Village Hotel will have 229 rooms.

Envisioned to be the flagship of the Village brand, over S$30 million was spent to refurbish the old Paramount Hotel and turn it into East Village Hotel.

Far East Hospitality said it also sees potential in Australia and the ASEAN region, particularly in high-growth markets like Indonesia, Vietnam, Myanmar, Thailand and Malaysia.

It is currently exploring opportunities in hotel management as its parent firm plans to build two to three hotels a year.

Although Far East Hospitality is building its Quincy, Village and Oasia brands in Asia, the firm said it will continue to maintain a Singapore-focused portfolio.

Arthur Kiong, CEO of Far East Hospitality, said: “We have a very disciplined process in how we grow our portfolio. And our goal is to make sure that we keep a 50-50…that 50 per cent of our assets will always be in Singapore and we are looking at the other 50 per cent coming from overseas investments.”

Tourist arrivals in Singapore are expected to rise by 6.6 per cent annually until 2015 and Mr Kiong said the firm will keep a strong focus in the mid-tier to upscale sectors. To better capture the medical tourism, corporate and business travellers, Far East Hospitality is also rolling out targeted facilities and services in its hotel chains.

Source : Channel NewsAsia – 18 Oct 2012