Overview of Far East Consortium International Limited
Far East Consortium International Limited is a leading regional conglomerate engaging in property development, hospitality, car parking ventures and gaming and entertainment across 8 geographical locations – Mainland China, Hong Kong, Malaysia, Singapore, Australia, New Zealand, the United Kingdom and Continental Europe.
The Group gained its public listing on the main board of the Hong Kong Stock Exchange in 1972 and has made great strides over forty years to be one of the region’s leading land and property developers.
Regional Expansion Gains Traction
FEC’s regional expansion gain tractions quickly though its knowledge and local expertise, enabling FEC to develop and deliver residences and communities that target Asia’s rapidly-expanding and affluent middle class, while advancing its position as a premier hospitality group with a broad array of interests.
Through the synergies of FEC’s regional expertise combined with the localised knowledge of its in-country teams, this allowed FEC to quickly expanded and built built a diverse portfolio of quality residences in Australia, Mainland China, Hong Kong, Malaysia, Singapore and the United Kingdom.
Far East Consortium International Limited Expands Into Singapore Property
In 2009 FEC’s first foray into Singapore was a purchase of a prime hotel site in the central area located right above the Outram Park MRT Station. The Dorsett hotel is surrounded by rich historical Chinatown that is well-known for its traditional architecture, offering their guest a unique experience with a whole host of fashionable bars, cafés and restaurants along the Keong Saik Street.
In November 2015, Tang Skyline Pte Ltd, a FEC-led consortium , successfully tendered the land parcel at Alexandra View (Parcel B) for S$376.88 million from Urban Redevelopment Authority of Singapore during the Government Land Sales Programme.
Tanglin Skyline Private Limited is a 70-30 joint venture formed by Tang City Holdings, a wholly-owned subsidiary of FEC, and Gigantic Global Limited (“GGL”).
Between March and April 2018, FEC Properties Pte. Limited (“FEC Properties”), an indirect wholly-owned subsidiary of Far East Consortium International Limited, won the tenders at two prime freehold residential sites – Hollandia and The Estoril – at S$183,383,800 and S$223,938,000 respectively.
Future Plans For Holland Road sites
The Estoril is a freehold residential developed located along Holland Road in the prime District 10 of Singapore. It is strategically located close to Orchard Road, Bouna Vista and Central Business District. The Estoril is bounded by Holland Village and Farrer Road. It is also near the Dempsey Cluster which is popular among both locals and expatriates during the weekend.
The Estoril residential development is made up of two blocks of 6-storey residential apartments with total freehold land area of 7,859.6 square meters (sqm). It can be developed into a residential project with total permissible Gross Floor Area (“GFA”) of approximately 12,500 sqm, subject to planning approvals from the relevant authorities.
The Estoril is adjacent to Hollandia, which the Group has acquired through a collective sale in 1 March 2018. The Group intends to amalgamate The Estoril with the Hollandia for future redevelopment in order to achieve economies of scale for their customers. The combination of the two sites will provide FEC with greater flexibility in the overall planning and design, thereby create a better product for the property market.
The two Holland Road sites enjoy close proximity to Holland Village and Holland Village MRT Station. This is a positive factor as many expatriates enjoy spending their weekends in the culturally rich Holland Village. The close proximity to Circle Line will attract demand from homebuyers and tenants who work in the Bouna Vista, Metropolis, Biopolis, Alexandra Business Park and Harbourfront Centre. These are critical source of tenants for any investors looking for a good property to rent.
Far East Consortium International Limited’s indirect wholly-owned subsidiary, Advance Delight Global Limited, and Amber Investment Holding (Cayman) Limited entered into the Sale and Purchase Agreement, pursuant to which the Group has conditionally agreed to acquire 100% of the issued and paid-up capital of Highest Reach Investments Limited, which owns the 34-units freehold property at 21 Anderson Road.
21 Anderson Royal Oak Residence
The existing freehold property is currently known as “21 Anderson Royal Oak Residence” located at the whole of Lot 1519T of Town Subdivision at 21 Anderson Road Singapore 259984, with a total gross floor area of 87,000 square feet.
FEC will pay approximately S$93,000,000 and assume the existing bank loan under a credit facility of approximately S$103,000,000.
The 21 Anderson Royal Oak Residence is situated in the District 10 in Singapore, enjoying close proximity to Orchard Road, Scotts Road, Singapore Chinese Girls’ School and Raffles Girls’ School (secondary)
FEC Properties Visions And Strategic Direction
FEC’s widely-acclaimed property portfolio covers key Asian cities such as Melbourne, Shanghai and Singapore, FEC proved its ability to develop, build and manage multiple large scale, mixed-use developments alongside residential properties across the region. With its strategic “build-to-sell” approach formulated to capitalise on local demand for housing while also rapidly realising its investment in a fast-paced property market.
FEC continues to target the region’s affluent middle class as an ever increasing number of Chinese buyers seek investment in overseas real estate.
FEC pursues a considered approach to expanding its pipeline and replenishing its land bank for long-term earnings growth, looking for areas where it has an existing presence or synergies will be achieved.
In the pursuit of expansion in the region, FEC continues to acquire strategic land parcels with high quality attributes in 2018 such as en bloc freehold are getting scare in prime locations.
Hollandia En Bloc
(District 10 – Ardmore, Bukit Timah, Holland Road, Tanglin)
Location: 91-93 Holland Road
Land Area: 4,970.80 square metres
Tenure: Freehold
Purchase Price: S$183,383,800
Purchase Date: March 2018
Purchaser: FEC Properties Pte. Limited
Redeveloped: To Be Affirmed.
The Estoril En Bloc
(District 10 – Ardmore, Bukit Timah, Holland Road, Tanglin)
Location: 95-97 Holland Road
Land Area: 7,859.60 square metres
Tenure: Freehold
Purchase Price: S$223,938,000
Purchase Date: April 2018
Purchaser: FEC Properties Pte. Limited
Redeveloped: To Be Affirmed