Far East Organization

Last updated

Far East Organization
远东机构
Company type Privately owned company
Industry Property, hospitality, retail, and food and beverage
Founded1960;64 years ago (1960)
Founder Ng Teng Fong
Headquarters
Singapore
Area served
 Singapore
Australia
Key people
Jonathan Ng (CEO)
Subsidiaries Far East Orchard
Yeo Hiap Seng Limited
Website Far 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]

Contents

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

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

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. [29]

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. [58] 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. [17] The brand includes two hotels –the 193 meter Oasia Hotel Downtown and the Oasia Hotel Novena –and the Oasia Residence. [68] [69]

Related Research Articles

<span class="mw-page-title-main">Clementi, Singapore</span> Planning Area and HDB Town in West Region, Singapore

Clementi is a planning area and residential town located at the easternmost fringe of the West Region of Singapore. The town borders Bukit Batok to the north, Bukit Timah to the northeast, Queenstown to the east and Jurong East to the west.

<span class="mw-page-title-main">Orchard Road</span> Planning Area in Central Region, Central Area, Singapore

Orchard Road, often known colloquially as simply Orchard, is a major 2.5 km (1.6 mi)-long road in the Central Area of Singapore. A famous tourist attraction, it is an upscale shopping area, with numerous internationally renowned department stores, shopping malls, restaurants, and coffeehouses located in its vicinity. It's a popular hotspot in Singapore, especially at night, attracting trendy urban youth.

<span class="mw-page-title-main">Bukit Panjang</span> Planning Area and HDB Town in West Region, Singapore

Bukit Panjang is a planning area and residential town located in the West Region of Singapore. A portion of this town is situated on a low-lying elongated hill. The planning area is bounded by Bukit Batok to the west, Choa Chu Kang to the northwest, Sungei Kadut to the north, the Central Water Catchment to the east, and Bukit Timah to the south. Bukit Panjang New Town is located at the northern portion of the planning area. Bukit Panjang has an average elevation of 36m/118 ft.

<span class="mw-page-title-main">Pan Island Expressway</span> Road in Singapore

The Pan Island Expressway is the oldest and longest expressway in Singapore. It is also Singapore's longest road. The expressway runs from the East Coast Parkway near Changi Airport in the east to Tuas in the west and has a total length of 42.8 kilometres.

<span class="mw-page-title-main">Orchard MRT station</span> Mass Rapid Transit station in Singapore

Orchard MRT station is an underground Mass Rapid Transit (MRT) interchange station in Singapore, on the North South (NSL) and Thomson–East Coast (TEL) lines. Situated along Orchard Boulevard and underneath ION Orchard, the station serves various commercial and retail developments of the Orchard Road shopping district, including Liat Towers, Ngee Ann City, Wheelock Place, Wisma Atria and Shaw House, among others.

<span class="mw-page-title-main">Singapore Land Authority</span> Statutory board in Singapore

The Singapore Land Authority (SLA) is a statutory board under the Ministry of Law of the Government of Singapore. SLA optimises land resources for Singapore's social and economic development.

<span class="mw-page-title-main">Lucky Plaza</span> Shopping mall in Orchard, Singapore

Lucky Plaza is a shopping centre located in Orchard in Singapore. Built by developer Far East Organization, Lucky Plaza was completed in 1981 and has proven to be one of the most successful shopping centres in Singapore.

Ng Teng Fong was a Singaporean real estate tycoon with a major presence in Hong Kong. He is the father of Robert Ng. In 1997, Forbes listed the two as the 30th richest people in the world.

<span class="mw-page-title-main">Future developments in Singapore</span>

This article shows the notable future developments in Singapore. Most of them are currently under construction with most to be completed within the next five years.

<span class="mw-page-title-main">Tanglin</span> Planning area in Central Region, Singapore

Tanglin is a planning area located within the Central Region of Singapore. Tanglin is located west of Newton, Orchard, River Valley and Singapore River, south of Novena, east of Bukit Timah, northeast of Queenstown and north of Bukit Merah.

<span class="mw-page-title-main">Voco Orchard Singapore</span>

Voco Orchard Singapore is a voco hotel in located at Orchard Road, Singapore. It is the first voco-branded hotel by InterContinental Hotels Group in Southeast Asia.

<span class="mw-page-title-main">King Albert Park MRT station</span> Mass Rapid Transit station in Singapore

King Albert Park MRT station is an underground Mass Rapid Transit (MRT) station on the Downtown line (DTL) in Bukit Timah, Singapore. Located at the western end of Bukit Timah Road at the junction of Blackmore Drive, this station serves the private residential estates along the Bukit Timah corridor. Sites surrounding the station include Methodist Girls' School, Ngee Ann Polytechnic, and the preserved Bukit Timah Railway Station.

<span class="mw-page-title-main">Hillview, Singapore</span> Place in Singapore

Hillview is located in Upper Bukit Timah, Northwest Singapore. The neighbourhood overlooks Bukit Timah Hill, hence its name.

Occasionally, some parts of Singapore are inundated by floods, usually in the form of flash floods that came about due to intense rainfall over a short period of time. Floods in Singapore are much less severe than floods in other countries, often only lasting a few hours before dissipating on its own.

Bukit Timah Single Member Constituency(SMC) was a single member constituency in Bukit Timah, Singapore. It was formerly known as Bukit Timah Constituency before 1988.

<span class="mw-page-title-main">Vivian Balakrishnan</span> Singaporean politician

Vivian Balakrishnan is a Singaporean politician, diplomat and former ophthalmologist who has been serving as Minister for Foreign Affairs since 2015. A member of the governing People's Action Party (PAP), he has been the Member of Parliament (MP) for the Cashew division of Holland–Bukit Timah GRC since 2006, and previously the Ulu Pandan division of Holland–Bukit Panjang GRC between 2001 and 2006.

<span class="mw-page-title-main">Edward Chia</span> Singaporean politician

Edward Chia Bing Hui is a Singaporean politician and businessman. He has been a Member of Parliament for the People's Action Party, representing the Zhenghua division of Holland–Bukit Timah GRC, since 2020.

<span class="mw-page-title-main">City Developments Limited</span> Singaporean real estate organisation

City Developments Limited (CDL), sometimes also known as CityDev, is a Singaporean multinational real estate operating organisation. Founded in 1963, CDL first developed projects in Johor Bahru, Malaysia, as well as in Singapore. Due to geo-political changes, CDL was making a loss before being controlled by Hong Leong Bank via shares acquisition in 1969. Since then, CDL has developed many types of properties from shopping malls to integrated developments. CDL is currently headquartered in Republic Plaza, Singapore. Kwek Leng Beng is its current chairman and Sherman Kwek, Kwek Leng Beng's son, is its current chief executive officer.

The following lists events that happened during 2022 in the Republic of Singapore.

<span class="mw-page-title-main">Former Bukit Timah Fire Station</span> Building in Singapore, Singapore

The Former Bukit Timah Fire Station, also known as the Old Bukit Timah Fire Station or the Bukit Timah Fire Station, is a former fire station located at Upper Bukit Timah Road, Singapore. It is planned to be redesigned into a community centre for nature. It is nearby the upcoming Hume MRT station. Bukit Timah Fire Station is also located nearby other heritage sites such as the Former Ford Factory, Bukit Timah Nature Reserve, and the Bukit Timah Memorial.

References

  1. ↑ "Singapore's 50 Richest 2020, #5 Robert & Philip Ng". Forbes. 3 February 2021. Retrieved 3 February 2021.
  2. 1 2 3 4 5 6 7 8 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. 1 2 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. 1 2 3 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. 1 2 3 4 5 6 7 "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. 1 2 "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. 1 2 "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. 1 2 "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. 1 2 "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. 1 2 Sajan, Chantal (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.
  59. ↑ "Only Mixed-Use Development with Transport Hub Launched in Singapore". Realty Plus Magazine. Retrieved 26 December 2023.
  60. ↑ 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. ↑ Burgos, Jonathan. "Singapore Billionaire Brothers Win Mixed-Use Site With $766 Million Bid As Housing Market Heats Up". Forbes. Retrieved 26 December 2023.
  62. ↑ Burgos, Jonathan. "Billionaire Ng Family's Far East, Perennial To Buy Singapore CBD Property For $504 Million". Forbes. Retrieved 26 December 2023.
  63. ↑ 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.
  64. ↑ 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.
  65. ↑ "The 5 Best Shopping Malls In Singapore". Forbes .
  66. ↑ "FIABCI World Gold Winners". fiabciprix.com.
  67. ↑ "Singapore developer makes history at property industry Oscars". 30 May 2016.
  68. ↑ "ULI Global Awards for Excellence: Oasia Hotel Downtown (Singapore)" . Urban Land Magazine. 15 November 2017. Retrieved 7 January 2020.
  69. ↑ "Hotel Review: Oasia Residence, Singapore (Studio) - Comfortable Serviced Residence in the West". The Shutterwhale. 20 March 2017.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.