Far East Organization

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Far East Organization
远东机构
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
Ng Chee Tat Philip (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] It is currently managed by Philip Ng, whose brother Robert runs the Hong Kong-based sister company Sino Group. [5] The two refer to Far East Organization as a Christian enterprise. [1]

Contents

Far East Organization operates in Singapore, [2] Hong Kong, [2] 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

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. [25] 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. [26] 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). [27] [28]

Oasia

Far East Orchard, a listed subsidiary of the Far East Organization, operates Far East Hospitality, which owns and operates the Oasia brand in Singapore. [17] The brand includes two hotels –the 193 meter Oasia Hotel Downtown and the Oasia Hotel Novena –and the Oasia Residence. [29] [30]

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References

  1. 1 2 "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. 1 2 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. ↑ 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.
  26. ↑ "The 5 Best Shopping Malls In Singapore". Forbes .
  27. ↑ "FIABCI World Gold Winners". fiabciprix.com.
  28. ↑ "Singapore developer makes history at property industry Oscars". 30 May 2016.
  29. ↑ "ULI Global Awards for Excellence: Oasia Hotel Downtown (Singapore)" . Urban Land Magazine. 15 November 2017. Retrieved 7 January 2020.
  30. ↑ "Hotel Review: Oasia Residence, Singapore (Studio) - Comfortable Serviced Residence in the West". The Shutterwhale. 20 March 2017.
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