BrandWikiReturn

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]

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

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[11] (renamed Orchard Parade Holdings Limited in 1991).[11] The acquisition included the Ming Court Hotel, which was renamed The Orchard Parade Hotel.[12] Orchard Parade Holdings was restructured in 2012 to become Far East Orchard.

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[13] and lifestyle real estate development brand Far East SOHO in 2011.[14]

In 2012, Far East Organization listed the Far East Hospitality Trust on the Singapore Exchange.[15] Far East Hospitality is the hospitality branch of Far East Orchard, a subsidiary of Far East Organization.[16]

In 2013, it entered the Australian market through acquisitions and partnerships with The Straits Trading Company and Toga Group.[17] It also acquired several retail and commercial developments.

In October 2019, the company opened The Fullerton Hotel Sydney which occupies Sydney's former General Post Office, built in 1874.[18]

Two new businesses, Store-Y—a self-storage facility[19]— and Agape Laundry—a centralised commercial laundry service[20]—were established in 2017.[20]

In 2020, Far East Hospitality expanded for the first time into overseas territories with the acquisition of Village Hotel Ariake Tokyo in Japan.[21][22]

Notable projects

Residential Homes

Inessence

Far East Organization developed the Inessence concept to cater to the luxury market.[23][24] Key projects are:

  • 1) Alba:[25] 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.[26][27][28][29]
  • 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[30][31]
  • 3) Skyline@Orchard Boulevard: This development in Orchard Road features 40 units, including a triplex penthouse.[32][33] The design is the work of Pritzker Prize Laureate Fumihiko Maki of Maki & Associates.[27]

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.[34] Key projects are:

  • 1) The Scotts Tower: Located at Scotts and Cairnhill Roads, it is the first project under the Far East SOHO brand.[35] Designed by Ben van Berkel of UNStudio in Amsterdam,[36][37] this 31-storey tower comprising apartments and penthouses [38][39] was awarded the World Gold Winner in the FIABCI Prix d'Excellence Award 2020.[40][41] The development was also among eight projects recognised for design excellence and safety.[42]
  • 2) The Siena: This condominium in Bukit Timah features high ceilings and unique layouts.[43][44] The 54-unit development was recognized with the SG Mark award at the Singapore Good Design Mark (SG Mark) Awards 2017[45][46]

Inessence

Far East Organization developed the Inessence concept to cater to the luxury market.[23][24] Key projects are:

  • 1) Alba:[25] 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.[26][27][28][29]
  • 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[30][31]
  • 3) Skyline@Orchard Boulevard: This development in Orchard Road features 40 units, including a triplex penthouse.[32][33] The design is the work of Pritzker Prize Laureate Fumihiko Maki of Maki & Associates.[27]

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.[34] Key projects are:

  • 1) The Scotts Tower: Located at Scotts and Cairnhill Roads, it is the first project under the Far East SOHO brand.[35] Designed by Ben van Berkel of UNStudio in Amsterdam,[36][37] this 31-storey tower comprising apartments and penthouses [38][39] was awarded the World Gold Winner in the FIABCI Prix d'Excellence Award 2020.[40][41] The development was also among eight projects recognised for design excellence and safety.[42]
  • 2) The Siena: This condominium in Bukit Timah features high ceilings and unique layouts.[43][44] The 54-unit development was recognized with the SG Mark award at the Singapore Good Design Mark (SG Mark) Awards 2017[45][46]

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 an Urban Redevelopment Authority Identity Node in 2013 - local identity areas known for their distinctive qualities.[47][48] 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.[49][50] This project near the Holland Village MRT Station integrates residential, offices, retail and serviced apartment components,[51] offering a holistic urban living experience.[52][53] The retail portion is designed as an open-air concept with greenery and public amenities.[54]

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.[55][56] The mixed-use development will be integrated with a transport hub.[57] It is the first mixed-use development to be built on an integrated transport hub in Bukit Timah.[56] Far East Organization and Sino Group jointly acquired the Jalan Anak Bukit site for S$1.03 billion.[58][59]

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.[60][61]

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.[62] 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.[63] 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).[64][65]

Hotels

Far East Orchard, a listed subsidiary of the Far East Organization, operates the Oasia Hotel brand in Singapore through Far East Hospitality.[16] The brand includes two hotels – the 193 meter Oasia Hotel Downtown and the Oasia Hotel Novena – and the Oasia Residence.[66][67]

External links

References

  1. Singapore's 50 Richest 2020, #5 Robert & Philip Ng Forbes, 3 February 2021, retrieved 3 February 2021^
  2. Jae Chia. How Late Billionaire Ng Teng Fong Became 'King Of Orchard' - Built Over 750 S'pore Properties Vulcan Post, 12 November 2020, 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. Sam Holmes, Joyce Li. Asia property tycoon Ng Teng Fong dies The Wall Street Journal, 3 February 2010, retrieved 3 February 2021^
  6. Chin Yong Chang. Home-grown pride: A look at 8 of Singapore's oldest businesses The Straits Times, 10 August 2017, retrieved 31 January 2021^
  7. Joel Koh. Top 5 Singaporean billionaires in 2020: Here's how they gained their wealth Asia One, 16 August 2020, 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. Far East Orchard Limited (O10.SI) Yahoo! Finance, Verizon Media, retrieved 4 February 2021^
  10. Sam Holmes. Far East Hospitality prices Singapore IPO at top Marketwatch, 14 August 2012, retrieved 31 January 2021^
  11. Far East Orchard Limited (O10.SI) TodayIR.SG, EQS TodayIR, retrieved 4 February 2021^
  12. Samantha Francis. Inside the Newly Rebranded Orchard Rendezvous Hotel in Singapore DestinAsia, 21 September 2018, retrieved 21 June 2021^
  13. Sonia Kolesnikov-Jessop. Singapore Builders Battle for Top Buyers New York Times, 28 August 2010, retrieved 4 February 2021^
  14. Far East unveils SOHO brand The Edge Markets, 28 November 2011, retrieved 21 June 2021^
  15. Far East Hospitality Trust Yahoo! Finance, Verizon Media, retrieved 4 February 2021^
  16. Far East Hospitality eyes regional expansion amid mid-tier market boom TODAY, retrieved 2024-01-17^
  17. Melissa Tan. Far East Orchard wants significant presence in Australia's hospitality scene The Straits Times, 2 July 2013, retrieved 21 June 2021^
  18. Michelle Ng. Like its sister hotel in Singapore, The Fullerton Hotel Sydney opens in a former post office 18 October 2019, retrieved 2 February 2021^
  19. Singapore Self-Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026) Mordor Intelligence, retrieved 4 February 2021^
  20. AGAPE LAUNDRY PTE. LTD. SGP Business, SGPBusiness.com, retrieved 4 February 2021^
  21. Far East takes over management of hotel in Ariake, Tokyo Japan Today, 6 July 2020, retrieved 20 February 2021^
  22. Far East Hospitality Expands Footprint Across Asia www.villagehotels.asia, retrieved 20 February 2021^
  23. Kalpana Rashiwala. Far East Organization on a quest for customer satisfaction www.businesstimes.com.sg, 22 August 2022, retrieved 2023-12-26^
  24. Far East launches high-end Inessence brand www.businesstimes.com.sg, The Business Times, 2010-07-01^
  25. Alba Skyscaper Center, CTBUH^
  26. Alba at Cairnhill Rise: Investing in a dream home in the heart of Singapore The Jakarta Post, retrieved 2023-12-26^
  27. Inessence Penthouses: When being at the very top matters The Jakarta Post, retrieved 2023-12-26^
  28. Alba And Skyline @ Orchard Boulevard: Prestigious Living In Singapore Tatler Asia^
  29. Natasha Ann Zachariah. 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, 2012-05-05^
  30. Huan Mei Han. An appetite for luxury 1 April 2021^
  31. Kalpana Rashiwala. Pandora co-founder and son buy 2 units at Boulevard Vue www.businesstimes.com.sg, 29 February 2016, retrieved 2023-12-26^
  32. Atiqah Mokhtar. Skyline @ Orchard Boulevard hits new high of $5,371 psf EdgeProp, 17 February 2023^
  33. Alba And Skyline @ Orchard Boulevard: Prestigious Living In Singapore Tatler Asia^
  34. Cheryl Lim. Home office units gaining in popularity: Soho properties can fetch good rentals; buyers seek flexible use The Straits Times, 2011-02-07^
  35. Far East advances launch of The Scotts Tower Property Guru^
  36. lynne myers I. designboom. UNStudio completes both 'V on shenton' and 'the scotts tower' in singapore designboom, 2018-11-27, retrieved 2023-12-26^
  37. The Scotts Tower UNStudio, retrieved 2023-12-26^
  38. Scotts Tower / UNStudio ArchDaily, 2018-12-10, retrieved 2023-12-26^
  39. Nicholas Yong. Scotts' sky worlds: Architect Ben van Berkel sees his new Scotts Tower housing high-rise neighbourhoods The Straits Times, 2011-10-08^
  40. Leonard Tan. KTP Consultants wins again with The Scotts Tower SJconnects, 2019-11-01, retrieved 2023-12-26^
  41. Awards UNStudio, retrieved 2023-12-26^
  42. Prisca Ang. The Scotts Tower among eight projects recognised for design excellence and safety The Straits Times, 2017-05-30, retrieved 2023-12-26^
  43. Far East opens The Siena for preview AsiaOne, 2013-05-08, retrieved 2023-12-26^
  44. Mindy Tan. Far East opens The Siena for preview: Prices are said to start from $1.28m for a 538 sq ft unit The Straits Times^
  45. The Siena - Singapore Good Design, retrieved 2023-12-26^
  46. Far East projects clinch good design awards Property Guru, 2017-03-17^
  47. Our Future, Our Home. Draft Master Plan 2013 exhibition at URA www.ura.gov.sg, retrieved 2023-12-26^
  48. Ruth Xiu Loh. Holland Village: Old charm, new life EdgeProp, 10 May 2019^
  49. Far East bags coveted Holland site for S$1.2b www.businesstimes.com.sg, retrieved 2023-12-26^
  50. Far East Organization-led consortium clinches plum Holland Road site www.businesstimes.com.sg, retrieved 2023-12-26^
  51. Melissa Heng. Mixed-use development One Holland Village to include homes, retail, offices and community spaces The Straits Times, 2019-11-27, retrieved 2023-12-26^
  52. Xin Ying Bong. Enhancing Holland Village's bohemian vibe EdgeProp, 2019-11-29^
  53. One Holland Village Residences units to go on sale this weekend www.businesstimes.com.sg, retrieved 2023-12-26^
  54. Village Vibes 2.0: What will Holland Village look like in the next three years? CNA Luxury, retrieved 2023-12-26^
  55. Integrated Development The Reserve Residences by Far East Organization and Sino Group launches on 27 May 2023 Yahoo Finance, 2023-05-25, retrieved 2023-12-26^
  56. Chantal Sajan. Come home to a forest reserve at The Reserve Residences in Bukit Timah The Straits Times, 2023-06-23, retrieved 2023-12-26^
  57. Only Mixed-Use Development with Transport Hub Launched in Singapore Realty Plus Magazine, retrieved 2023-12-26^
  58. Nisha Ramchandani. S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group www.businesstimes.com.sg, 30 August 2021^
  59. Jonathan Burgos. Singapore Billionaire Brothers Win Mixed-Use Site With $766 Million Bid As Housing Market Heats Up Forbes, retrieved 2023-12-26^
  60. Jonathan Burgos. Billionaire Ng Family's Far East, Perennial To Buy Singapore CBD Property For $504 Million Forbes, retrieved 2023-12-26^
  61. Isabelle Liew. Golden Mile Complex sold for $700m, developers to restore building The Straits Times, 2022-05-06, retrieved 2023-12-26^
  62. Collin Anderson. Evolution of a retail streetscape : DP Architects on Orchard Road Images, 2012^
  63. The 5 Best Shopping Malls In Singapore Forbes^
  64. FIABCI World Gold Winners fiabciprix.com^
  65. Singapore developer makes history at property industry Oscars 30 May 2016^
  66. ULI Global Awards for Excellence: Oasia Hotel Downtown (Singapore) Urban Land Magazine, 15 November 2017, retrieved 7 January 2020^
  67. Hotel Review: Oasia Residence, Singapore (Studio) - Comfortable Serviced Residence in the West The Shutterwhale, 20 March 2017^