Real Estate Management and Development
Company Overview of Far East Organization Centre Pte. Ltd.
Far East Organization Centre Pte. Ltd. develops, owns, and manages real estate properties in Singapore. The company engages in selling and leasing/renting properties. The company’s portfolio includes residential, hospitality, retail, commercial, healthcare, and industrial properties, including private homes. It also serves as a private residential landlord; and operator of hotels and serviced residences, as well as franchises restaurants and other food retail facilities. The company was founded in 1960 and is based in Singapore with a network of regional offices in China, Indonesia, and Australia.
14 Scotts Road
#06-00 Far East Plaza
Founded in 1960
Key Executives for Far East Organization Centre Pte. Ltd.
President of Far East Retail Consultancy
Chief Operating Officer of Property Sales
Compensation as of Fiscal Year 2014.
Far East Organization Centre Pte. Ltd. Key Developments
Far East Hospitality Real Estate Investment Trust Enters into Joint Venture Agreement with Far East Organization Centre Pte. Ltd
Sep 21 14
Far East Hospitality Trust announced that Far East Hospitality Real Estate Investment Trust entered into a joint venture agreement with Far East Organization Centre Pte. Ltd. to participate in the development of a new $443.8 million hotel project located on Sentosa. This is Far East H-Trust's first investment in Sentosa and the Trust will hold a 30.0% stake. The hotels are well-positioned to benefit from Sentosa's continuous rejuvenation, which includes efforts by the SDC to refresh the island's offerings and to review development plans in the various precincts. The Wings of Time, a signature night extravaganza set on Siloso Beach, was launched in June 2014. Singapore's first Madame Tussauds and a refreshed Images of Singapore attraction will open later in the year. In addition, KidZania, an indoor family edutainment theme park, is expected to open near the Palawan Beach in 2015.
DBS Trustee Limited Enters into Joint Venture agreement with Far East Organization Centre Pte. Ltd. and Fontaine Investment Pte. Ltd
Sep 21 14
DBS Trustee Limited entered into a joint venture agreement with Far East Organization Centre Pte. Ltd. (FEOC) and Fontaine Investment Pte. Ltd. (JVCo) in connection with the development of a new hotel site located at Artillery Avenue, Sentosa2 by JVCo. The development is expected to be managed by a member of Far East Organization. Under the terms of the joint venture agreement, FEOC and Far East H- REIT will hold 70.0% and 30.0% of the aggregate issued share capital in JVCo respectively. The consideration for the investment in a 30.0% stake in JVCo by Far East H-REIT pursuant to the joint venture agreement will be fully funded by debt and is not, in itself, expected to have any material impact on the distribution per stapled security in Far East Hospitality Trust for the financial year ending 2014. Prior to the subscription, JVCo was wholly-owned by FEOC. The hotel site at artillery avenue, Sentosa, comprises a cluster of conserved buildings which have been repurposed as hotels. Spanning an area of approximately 44,685 sqm (480,987 sqft), the land parcel offered for sale by the SDC on a 60-year lease term has a maximum permissible gross floor area (GFA) of approximately 35,748 sqm (384,790 sqft), subject to the payment of development charge/differential premium. The site was once a military parade square and includes six blocks of barracks and a coach park. As the parade square and barracks have been gazetted for conservation, JVCo will have to adhere to heritage and conservation requirements in its development of the hotel site. The development, integrating two distinctive hotels - Outpost Hotel Sentosa and Village Hotel Sentosa, will house 850 guest rooms. Outpost Hotel Sentosa will cater to travellers looking for a stylish upscale product, while Village Hotel Sentosa will present an experiential stay for families, leisure and meeting groups where they can have the opportunity to discover the rich cultures and heritage of the surroundings. The development is expected to be completed in 2018. The tender amount by FEOC was based on an upfront land premium of SGD 32 million plus a guaranteed annual payment of approximately SGD 3.7 million (which is subject to an increase at the rate of 3.0% per annum) or 10% of the total annual gross revenue, whichever is higher. The total project-related cost estimated to be borne by JVCo for the Development (including the upfront land premium and guaranteed annual payments to SDC during the development period) is approximately SGD 443.8 million, out of which approximately 56.3% is expected to be funded by debt financing taken by JVCo. Far East H-REIT's agreed proportion of the estimated project-related cost is approximately SGD 133.1 million, which is approximately 5.3% of Far East H-REIT's Deposited Property, and will be within the development limit set out in the Property Funds Appendix. Far East H-REIT and FEOC have each agreed under the Joint Venture Agreement to make contributions of up to SGD 63.6 million and up to SGD 148.4 million, respectively, to JVCo. The maximum amount of SGD 63.6 million to be contributed by Far East H-REIT will be through a combination of the subscription of shares of JVCo at SGD 1.00 per Share and provision of shareholder's loans to JVCo of up to SGD 48.0 million. The consideration to be paid by FEOC for its Shares will also be SGD 1.00 per share and FEOC will provide shareholder's loans to JVCo based on the agreed proportion. Pursuant to their funding contributions made, Far East H-REIT and FEOC will continue to hold JVCo in the agreed proportion. The commitment will be drawn down progressively based on the needs of JVCo. Far East H-REIT will make an initial contribution of SGD 15.6 million through its subscription for 15.6 million shares at SGD 1.00 per Share. FEOC will subscribe for an additional 36,399,998 Shares at SGD 1.00 per share and, together with the two shares it already holds, FEOC will hold 36.4 million shares.
Far East International Announces Board Changes
Jan 9 14
Far East Organization announced that Marc Boey has been appointed to the newly created post of director of special projects, Far East International, a unit headed by Chng Kiong Huat. Mr. Chng is executive director of property services at the group. Among various things, Mr. Boey will manage the development of the property giant's foreign projects. It owns a 1.5 million square foot land parcel in Melbourne's St Helena-Greensborough district, which is planned for development into an integrated residential community. In addition, Mr. Boey will evaluate further overseas investment opportunities for the group. Mr. Boey has close to two decades' experience in planning and policy work at URA and its parent, the Ministry of National Development (MND). He was group director of land sales and administration at URA. Chia Boon Kuah, currently COO and executive director of property sales, will be leaving Far East on Feb. 2. He will be moving to GuocoLand as group president and CEO on Feb. 3, replacing Quek Chee Hoon, who is retiring.
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