Singapore realty developer plans to tap Indian market
Source: The Economic Times
KOLKATA: Singapore’s largest private property developer, the $4-billion Far East Organization, is keen to get a toehold in India. The Singapore conglomerate is talking to prospective Indian partners for its proposed foray in the booming realty market, especially in major metros like Delhi, Mumbai, Kolkata and Chennai. “We are talking to partners who will complement our property development expertise. Big realty players who know the four markets don’t need a partner, but regional ones who have the land and are in the business may find partnering with us beneficial,” Far East Organization executive director Chia Boon Kuah told ET. But discussions are at a preliminary stage, Mr Kuah added and declined to name realtors who are in talks with them. The Singapore firm has developed a string of high-end residential and commercial properties, including the iconic Fullerton Hotel in Singapore. It is also building Orchard Central as part of $1.6-billion makeover of Orchard Road, the city state’s throbbing shopping district. Elaborating, Mr Kuah said: “We are very interested in coming to India. Ideally, we would look at the hospitality segment and high-end service apartments. We would like to develop four star and five star hotels in India and operate them.
“This apart, we are also interested in heritage properties and are looking to bring the Fullerton Hotel to India to differentiate and compete with some of the top Indian hospitality brands.” “We are open to undertaking any development in India instead of restricting ourselves to one or two types,” he added. Far East Organization, together with its Hong Kong-based sister company Sino Group, has total assets of over $25 billion. The overseas company’s development activities span the full spectrum of the real estate market from residential and commercial to industrial properties. It is also the largest private residential landlord and one of the largest owner-operators of hotels in Singapore.
KOLKATA: Singapore’s largest private property developer, the $4-billion Far East Organization, is keen to get a toehold in India. The Singapore conglomerate is talking to prospective Indian partners for its proposed foray in the booming realty market, especially in major metros like Delhi, Mumbai, Kolkata and Chennai. “We are talking to partners who will complement our property development expertise. Big realty players who know the four markets don’t need a partner, but regional ones who have the land and are in the business may find partnering with us beneficial,” Far East Organization executive director Chia Boon Kuah told ET. But discussions are at a preliminary stage, Mr Kuah added and declined to name realtors who are in talks with them. The Singapore firm has developed a string of high-end residential and commercial properties, including the iconic Fullerton Hotel in Singapore. It is also building Orchard Central as part of $1.6-billion makeover of Orchard Road, the city state’s throbbing shopping district. Elaborating, Mr Kuah said: “We are very interested in coming to India. Ideally, we would look at the hospitality segment and high-end service apartments. We would like to develop four star and five star hotels in India and operate them.
“This apart, we are also interested in heritage properties and are looking to bring the Fullerton Hotel to India to differentiate and compete with some of the top Indian hospitality brands.” “We are open to undertaking any development in India instead of restricting ourselves to one or two types,” he added. Far East Organization, together with its Hong Kong-based sister company Sino Group, has total assets of over $25 billion. The overseas company’s development activities span the full spectrum of the real estate market from residential and commercial to industrial properties. It is also the largest private residential landlord and one of the largest owner-operators of hotels in Singapore.
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