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Far East Organization

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Far East Organization
远东机构
Company typePrivately owned company
IndustryProperty, hospitality, retail, and food and beverage
Founded1960; 64 years ago (1960)
FounderNg Teng Fong
Headquarters
Singapore
Area served
Singapore
Australia
Key people
Jonathan Ng (CEO)
SubsidiariesFar East Orchard
Yeo Hiap Seng Limited
WebsiteFar East Organization

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,[2] Hong Kong,[2] Mainland China,[9] Malaysia,[9] and Australia.[9][2] It has three public-listed subsidiaries: Far East Orchard Limited,[10][2] Yeo Hiap Seng Limited,[2] and Far East Hospitality Trust.[11]

History

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Far East Organization's first residential project was 72 terrace houses in Jalan Pacheli in Serangoon Gardens. The project was completed in 1962.[2]

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.[2][7] 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).[7]

In 1987, the company acquired a majority stake in the publicly listed Ming Court Hotel Limited[12] (renamed Orchard Parade Holdings Limited in 1991).[12][9] 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.[9]

In 1995, the company acquired a majority stake in Yeo Hiap Seng, a Singaporean beverage company.[6] 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.[9][18] It also acquired several retail and commercial developments.[9]

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][21]

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

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Residential Homes

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Inessence

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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.[29]

Far East SoHo

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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

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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.[60] Far East Organization and Sino Group jointly acquired the Jalan Anak Bukit site for S$1.03 billion.[61][62]

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.[63][64]

Shopping malls

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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.[65] 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.[66] 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).[67][68]

Hotels

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Far East Orchard, a listed subsidiary of the Far East Organization, operates the Oasia brand in Singapore through Far East Hospitality.[17] The brand includes two hotels – the 193 meter Oasia Hotel Downtown and the Oasia Hotel Novena – and the Oasia Residence.[69][70]

References

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  1. ^ "Singapore's 50 Richest 2020, #5 Robert & Philip Ng". Forbes. 3 February 2021. Retrieved 3 February 2021.
  2. ^ a b c d e f g h Chia, Jae (12 November 2020). "How Late Billionaire Ng Teng Fong Became 'King Of Orchard' - Built Over 750 S'pore Properties". Vulcan Post. Retrieved 31 January 2021.
  3. ^ "20 richest families in Asia and their businesses". The Straits Times. 28 August 2019. Retrieved 30 January 2021.
  4. ^ "2017 Asia's Richest Families Net Worth: #25 Ng Family". Forbes. 14 November 2017. Retrieved 3 February 2021.
  5. ^ Holmes, Sam; Li, Joyce (3 February 2010). "Asia property tycoon Ng Teng Fong dies". The Wall Street Journal. Retrieved 3 February 2021.
  6. ^ a b Chang, Chin Yong (10 August 2017). "Home-grown pride: A look at 8 of Singapore's oldest businesses". The Straits Times. Retrieved 31 January 2021.
  7. ^ a b c Koh, Joel (16 August 2020). "Top 5 Singaporean billionaires in 2020: Here's how they gained their wealth". Asia One. Retrieved 31 January 2021.
  8. ^ "Singapore developer launches first foray into Melbourne house and land estate". Sydney Morning Herald. 21 April 2015. Retrieved 6 March 2021.
  9. ^ a b c d e f g "Far East Orchard Limited". SGP Business. SGPBusiness.com. Retrieved 4 February 2021.
  10. ^ "Far East Orchard Limited (O10.SI)". Yahoo! Finance. Verizon Media. Retrieved 4 February 2021.
  11. ^ Holmes, Sam (14 August 2012). "Far East Hospitality prices Singapore IPO at top". Marketwatch. Retrieved 31 January 2021.
  12. ^ a b "Far East Orchard Limited (O10.SI)". TodayIR.SG. EQS TodayIR. Retrieved 4 February 2021.
  13. ^ Francis, Samantha (21 September 2018). "Inside the Newly Rebranded Orchard Rendezvous Hotel in Singapore". DestinAsia. Retrieved 21 June 2021.
  14. ^ Kolesnikov-Jessop, Sonia (28 August 2010). "Singapore Builders Battle for Top Buyers". New York Times. Retrieved 4 February 2021.
  15. ^ "Far East unveils SOHO brand". The Edge Markets. 28 November 2011. Retrieved 21 June 2021.
  16. ^ "Far East Hospitality Trust". Yahoo! Finance. Verizon Media. Retrieved 4 February 2021.
  17. ^ a b "Far East Hospitality eyes regional expansion amid mid-tier market boom". TODAY. Retrieved 17 January 2024.
  18. ^ Tan, Melissa (2 July 2013). "Far East Orchard wants significant presence in Australia's hospitality scene". The Straits Times. Retrieved 21 June 2021.
  19. ^ Ng, Michelle (18 October 2019). "Like its sister hotel in Singapore, The Fullerton Hotel Sydney opens in a former post office". The Straits Times. Retrieved 2 February 2021.
  20. ^ "Singapore Self-Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)". Mordor Intelligence. Retrieved 4 February 2021.
  21. ^ a b "AGAPE LAUNDRY PTE. LTD". SGP Business. SGPBusiness.com. Retrieved 4 February 2021.
  22. ^ "STORE-Y". sgpgrid.com. 28 December 2020. Retrieved 13 February 2021.
  23. ^ "Far East takes over management of hotel in Ariake, Tokyo". Japan Today. 6 July 2020. Retrieved 20 February 2021.
  24. ^ "Far East Hospitality Expands Footprint Across Asia". www.villagehotels.asia. Retrieved 20 February 2021.
  25. ^ Rashiwala, Kalpana (22 August 2022). "Far East Organization on a quest for customer satisfaction". www.businesstimes.com.sg. Retrieved 26 December 2023.
  26. ^ Nicholas Yeo (1 July 2010). "Far East launches high-end Inessence brand". www.businesstimes.com.sg. Property: The Business Times.
  27. ^ "Alba". Skyscaper Center. CTBUH.
  28. ^ "Alba at Cairnhill Rise: Investing in a dream home in the heart of Singapore". The Jakarta Post. Retrieved 26 December 2023.
  29. ^ a b "Inessence Penthouses: When being at the very top matters". The Jakarta Post. Retrieved 26 December 2023.
  30. ^ Tatler Indonesia. "Alba And Skyline @ Orchard Boulevard: Prestigious Living In Singapore". Tatler Asia.
  31. ^ Zachariah, Natasha Ann (5 May 2012). "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.
  32. ^ Han, Huan Mei (1 April 2021). "An appetite for luxury".
  33. ^ Rashiwala, Kalpana (29 February 2016). "Pandora co-founder and son buy 2 units at Boulevard Vue". www.businesstimes.com.sg. Retrieved 26 December 2023.
  34. ^ Mokhtar, Atiqah (17 February 2023). "Skyline @ Orchard Boulevard hits new high of $5,371 psf". EdgeProp.
  35. ^ "Alba And Skyline @ Orchard Boulevard: Prestigious Living In Singapore". Tatler Asia.
  36. ^ Lim, Cheryl (7 February 2011). "Home office units gaining in popularity: Soho properties can fetch good rentals; buyers seek flexible use". The Straits Times.
  37. ^ "Far East advances launch of The Scotts Tower". Property Guru.
  38. ^ designboom, lynne myers I. (27 November 2018). "UNStudio completes both 'V on shenton' and 'the scotts tower' in singapore". designboom | architecture & design magazine. Retrieved 26 December 2023.
  39. ^ "The Scotts Tower". UNStudio. Retrieved 26 December 2023.
  40. ^ "Scotts Tower / UNStudio". ArchDaily. 10 December 2018. Retrieved 26 December 2023.
  41. ^ Yong, Nicholas (8 October 2011). "Scotts' sky worlds: Architect Ben van Berkel sees his new Scotts Tower housing high-rise neighbourhoods". The Straits Times.
  42. ^ Tan, Leonard (1 November 2019). "KTP Consultants wins again with The Scotts Tower". SJconnects. Retrieved 26 December 2023.
  43. ^ "Awards". UNStudio. Retrieved 26 December 2023.
  44. ^ Ang, Prisca (30 May 2017). "The Scotts Tower among eight projects recognised for design excellence and safety". The Straits Times. ISSN 0585-3923. Retrieved 26 December 2023.
  45. ^ "Far East opens The Siena for preview". AsiaOne. 8 May 2013. Retrieved 26 December 2023.
  46. ^ 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.
  47. ^ "The Siena -". Singapore Good Design. Retrieved 26 December 2023.
  48. ^ Romesh Navaratnarajah (17 March 2017). "Far East projects clinch good design awards". Property Guru.
  49. ^ "Our Future, Our Home. Draft Master Plan 2013 exhibition at URA". www.ura.gov.sg. Retrieved 26 December 2023.
  50. ^ Loh, Ruth Xiu (10 May 2019). "Holland Village: Old charm, new life". EdgeProp.
  51. ^ "Far East bags coveted Holland site for S$1.2b". www.businesstimes.com.sg. Retrieved 26 December 2023.
  52. ^ "Far East Organization-led consortium clinches plum Holland Road site". www.businesstimes.com.sg. Retrieved 26 December 2023.
  53. ^ Heng, Melissa (27 November 2019). "Mixed-use development One Holland Village to include homes, retail, offices and community spaces". The Straits Times. ISSN 0585-3923. Retrieved 26 December 2023.
  54. ^ Bong, Xin Ying (29 November 2019). "Enhancing Holland Village's bohemian vibe". EdgeProp.
  55. ^ "One Holland Village Residences units to go on sale this weekend". www.businesstimes.com.sg. Retrieved 26 December 2023.
  56. ^ "Village Vibes 2.0: What will Holland Village look like in the next three years?". CNA Luxury. Retrieved 26 December 2023.
  57. ^ "Integrated Development The Reserve Residences by Far East Organization and Sino Group launches on 27 May 2023". Yahoo Finance. 25 May 2023. Retrieved 26 December 2023.
  58. ^ Correspondent, Chantal SajanSenior (23 June 2023). "Come home to a forest reserve at The Reserve Residences in Bukit Timah". The Straits Times. ISSN 0585-3923. Retrieved 26 December 2023. {{cite news}}: |last= has generic name (help)
  59. ^ "Only Mixed-Use Development with Transport Hub Launched in Singapore". Realty Plus Magazine. Retrieved 26 December 2023.
  60. ^ Cite error: The named reference :22 was invoked but never defined (see the help page).
  61. ^ Ramchandani, Nisha (30 August 2021). "S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group". www.businesstimes.com.sg.
  62. ^ Burgos, Jonathan. "Singapore Billionaire Brothers Win Mixed-Use Site With $766 Million Bid As Housing Market Heats Up". Forbes. Retrieved 26 December 2023.
  63. ^ Burgos, Jonathan. "Billionaire Ng Family's Far East, Perennial To Buy Singapore CBD Property For $504 Million". Forbes. Retrieved 26 December 2023.
  64. ^ Liew, Isabelle (6 May 2022). "Golden Mile Complex sold for $700m, developers to restore building". The Straits Times. ISSN 0585-3923. Retrieved 26 December 2023.
  65. ^ Anderson, Collin (2012). Evolution of a retail streetscape : DP Architects on Orchard Road. Fumihiko Maki, Kenneth Frampton, Debbie Ball, DP Architects Pte Ltd. Mulgrave, Vic.: Images. ISBN 978-1-86470-462-4. OCLC 819942370.
  66. ^ "The 5 Best Shopping Malls In Singapore". Forbes.
  67. ^ "FIABCI World Gold Winners". fiabciprix.com.
  68. ^ "Singapore developer makes history at property industry Oscars". 30 May 2016.
  69. ^ "ULI Global Awards for Excellence: Oasia Hotel Downtown (Singapore)". Urban Land Magazine. 15 November 2017. Retrieved 7 January 2020.
  70. ^ "Hotel Review: Oasia Residence, Singapore (Studio) - Comfortable Serviced Residence in the West". The Shutterwhale. 20 March 2017.
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