Far East Organization, which acquired the first six levels of the former AA Centre in River Valley Road in 2013, is buying 27 of the 28 residential units on the upper floors of the freehold 14-storey building. Far East is paying a total of S$124.10 million for the bulk purchase of the 27 units - 23 apartments and four penthouses. This works out an average price of S$2,574 per square foot based on the...
Far East Organization FEO
Far East Orchard will soon have a new man at the helm. The property firm announced on Wednesday that Group CEO and Managing Director Lucas Chow will retire on September 1, 2014. Mr Chow, who is 61 years old, will be succeeded by Mr Lui Chong Chee, who has extensive financial and management leadership experience from major listed companies, including Raffles Medical Group and CapitaLand Group. Mr...
Property developer Far East Orchard (FEOrchard) signed a memorandum of understanding with Australia-based hotel operator Toga Pty (Toga Group) on Wednesday which will explore the setting up of a proposed joint venture. Under the agreement, the proposed joint venture will serve as a hotel management and ownership platform in Australia. Plans are also in the pipeline for the proposed joint venture to...
Shareholders of Orchard Parade Holdings Limited (OPHL) have approved the firm's plans to divest three properties. This was agreed upon at an extraordinary general meeting held Wednesday, where 99.9 per cent of shareholders voted in approval. The three properties are: Orchard Parade Hotel, Albert Court Village Hotel and Central Square Village Residences. OPHL said in a statement that it would now proceed...
Singapore-listed Orchard Parade Holdings Limited (OPHL), the hotel and property arm of Far East Organization (FEO), is seeking shareholders' approval to divest three hospitality assets into a real estate investment trust (REIT) to be listed on the SGX. In a statement, OPHL said this is part of a corporate restructuring exercise to allow the company explore opportunities in the hospitality management and...
Property developer Far East Organization sold 2,200 new homes in Singapore during the first five months of the year. This includes suburban projects such as The Hillier in the northwest and Watertown in the northeast. According to a media report, projects by Far East helped lead the rebound in home sales this year, with Watertown in Punggol accounting for over 50 percent of the 1,872 units sold in...