Far East and Sino Group Secured $1.03 Billion For The Reserve Residences
The bid was matched by another bidder, the Far East Organization. This bid came from a Hong Kong company, the Far East Organization, which is also the owner of Daintree Residences. Far East Organization has been the developer of some of Hong Kong’s largest residential projects including the upcoming Daintree Residences. This bid, which is equal to 770 million dollars, demonstrates the company’s confidence in the housing market. It is estimated that the proposed project will consist of 85 one-floor apartments and be near the Beauty World MRT station.
Far East Organization
In the latest development news in Singapore, the Far East Organization (FEO) has successfully bid for the first phase of The Reserve Residences. The company owns the Daintree Residences in Hong Kong and is also the controlling party of Sino Group. FarEastern has put forward a bid worth $1.03 billion for the project, which is expected to be completed in 2018. The proposed development will feature 85 one-floor apartments and will be located near the Beauty World MRT station.
The development will feature a range of residential units, ranging from studios to 4-bedroom residences. Some units will boast spectacular views of the Bukit Timah Nature Reserve. The Reserve Residences is also linked to an MRT station and Little India. Upon completion, the development is expected to provide a complete range of lifestyle amenities. It will be located adjacent to the Bukit Timah Nature Reserve, so residents will have access to both nature and the city.
In March, URA awarded the Jalan Anak Bukit site to a joint venture comprising FarE Organization, a local property giant, and the Sino Group of Hong Kong-based developers. The two companies secured the 3.22 ha mixed-use site in a competitive bidding process. The bid, which works out to $989 psf per plot ratio, beats out two other bidders.
The FarE Organization has a proven track record of success in the Singapore real estate market. With more than 780 projects in its portfolio, the company has successfully managed and developed properties. It has the reputation of delivering quality commercial and residential space and delivering on its promises to its clients. It also has an impressive track record, having been awarded 11 FIABCI World Prix d’Excellence awards in the past.
The FEC is a joint venture partner of Sino Group and Far East Organization, which is headquartered in Singapore. The project will feature an integrated development, with a 215,280 sq ft commercial podium, 150 serviced apartments, and a community space that will serve as an intergenerational hub. The Reserve Residences will also house around 700 residential units, some of which will offer scenic views of the Bukit Timah Nature Reserve.
The Far East and Sino Group secured a prestigious deal for The Reserve Residences, a mixed-use development in the city-state of Hong Kong. The site, which is located near the Beauty World MRT station, is a 99-year leasehold site measuring 32,185 square meters (or 346,436 square feet) in area. A mixture of 60:40 residential and commercial components is required for a mixed-use development. The Far East Organization and Sino Group are based in Hong Kong.
The Far East Organization and Sino Group have combined annual turnover of $5.5 billion and total assets of more than $40 billion, according to their Web sites. They also own 12 hotels in Singapore and Hong Kong totalling 4,727 rooms. Mr. Ng, the developer behind the luxury apartment project, was born in China’s Fujian province, which is known for producing many successful businessmen in Southeast Asia. After smallpox infected his family, they migrated to Singapore where they achieved success in the property sector.
The winning bid was higher than analyst expectations, indicating that the developer’s plans are feasible. Sino Land, which owns two other developments in West Kowloon, is planning a residential-cum-commercial development on the new property. The Far East and Sino Group have a history of competing against the Big Boys in Hong Kong, and Robert Ng’s company has proven it can compete. With HK$1.64 billion for the site, the Far East and Sino Group secured a coveted prime location in the city.
The Far East Organization and the Sino Group secured a prime piece of land in Singapore’s heartlands. The development site, located near the Bukit Timah Nature Reserve, will feature 700 private residential units. Several units will feature views of this nature park. The Reserve Residences will be a popular place to live for families and nature lovers alike. In addition to the Prime Location, the project is near the Beauty World MRT station and Little India.
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