It was perhaps no surprise when Far East Organization, Singapore’s biggest privately held property developer, won the Top Developer award at this year’s EdgeProp Singapore Excellence Awards on Oct 3. After all, it has already accumulated a long list of accolades, including 11 FIABCI World Prix d’Excellence Awards through the years.
But there is more — its joint-venture (JV) projects with Frasers Property and Sekisui House were among those that topped the EdgeProp Awards: eCO bagged two awards; while Rivertree Residences by Far East Orchard, Frasers Property and Sekisui House won three.
Far East Organization’s track record has also been impressive in terms of quantity. It is completing and handing over more than 10,000 units from 2015 to 2019. They include units in JV projects and range from residential, office, medical and industrial units to hotel rooms and serviced residences. “Our current focus is on fulfilling our obligations and delivering our promises to customers, business partners and the community,” says Augustine Tan, executive director of property services at Far East Organization.
The group has embarked on a customer engagement programme that includes customer satisfaction measurements and the development of a service excellence blueprint to guide customer fulfilment across various operating business units, he adds.
In May this year, a Far East Organization-led consortium won the bid for a mixed commercial and residential site of 247,214 sq ft on Holland Road. It paid $1.213 billion, or $1,888 psf per plot ratio (ppr), for the site in a hotly contested tender awarded on a two-envelope scheme based on design and price. Far East Organization’s two JV partners for the project are Sekisui House and Sino Group.
The site is in Holland Village, “a much-loved neighbourhood and a destination with a distinctive character and charm”, says Tan. “Our plan is to enrich the precinct through the creation of a vibrant mixed-use development.”
He says the future development will build upon the identity of Holland Village while remaining sensitive to the existing community and its rich social fabric. It will offer a wide variety of uses — residential, dual office/residential units, offices, co-working spaces, retail and serviced residences. There will be communal and green spaces to encourage social gatherings and community activities in the area. A new pedestrian bridge will link Holland Village with Holland Vista HDB estate, providing greater connectivity and convenience for residents and patrons of F&B, retail and services in the area.
In April, Far East Organization previewed its latest SOHO development, Parksuites, in the neighbourhood of Holland Grove in prime District 10. The 110-year leasehold project consists of 119 SOHO units and 18 strata shops. The SOHO units range from one- to two-bedroom-plus-study, as well as two- and three-bedroom dual-key units. There are also five units of four-bedroom triplexes of over 3,000 sq ft. In the first phase launched, about 16 units were sold at prices ranging from $1.6 million ($2,286 psf) for a 700 sq ft SOHO unit to $6.84 million ($2,231 sq ft) for a triplex, according to caveats lodged. The project is a three-minute drive from Holland Village, adjacent to Henry Park Primary School and fronting Henry Park.
Last month, Far East Organization launched the first phase of Cashew Green, a 999-year leasehold landed housing project in Upper Bukit Timah. Nine out of 15 units in the first phase were released. The terraced houses have three storeys, five bedrooms and a built-up area of 5,000 sq ft. They come with an attic and a basement with private parking for three cars. Corner units come with a private swimming pool, while intermediate units have a central courtyard. Units sold to date range from $3.83 million ($1,979 psf) to $3.96 million ($2,069 psf), according to caveats lodged. Cashew Green is near Bukit Timah Nature Reserve, Bukit Batok Nature Reserve and Bukit Panjang Park. It is within walking distance of Cashew MRT station on the Downtown Line and near amenities such as HillV2, The Rail Mall, Junction 10 and Bukit Panjang Plaza.
“We remain steadfast in creating innovative, functional spaces that will improve and inspire better lives,” Tan avows. For instance, the company created an interactive 3D model for its Parksuites showflat. The model simulates the layout and interior design of one of the units, allowing potential buyers to view it from various angles to get a feel of the space, adds Tan.
Two other smart features that Far East Organization has incorporated into Parksuites are a smart parcel lock system for every unit and a smart pa rking system. The smart parcel lock system allows residents to unlock their parcel cabinet remotely for the deliveryman to place the items inside. In place of security personnel manning the entry into the development, the smart parking system enables visitors to simply flash a QR code provided by the resident to enter the car park and access the common areas.
“As stewards of Far East Organization, we will continue to work hard in raising the bar to create humancentric spaces that meet the aspirations of our customers,” says Tan.
Far East Organization has also been acquiring land outside of Singapore. The group has invested about A$2 billion in Australian real estate since 2013 through direct investments and JVs with its Singapore Exchange-listed subsidiary, Far East Orchard. Some of Far East Organization’s properties include 227 Elizabeth Street in Sydney, a 24-storey commercial building next to Hyde Park; 50 Park Street, a 12-storey office building overlooking the same park; and the iconic The Westin Sydney at 1 Martin Place, part of the redevelopment of the former General Post Office. Incidentally, Far East Organization’s sister company, Sino Land, owns Fullerton Hotel in Singapore, which is the former General Post Office that has been restored and converted into a luxury hotel.
Beyond Sydney, Far East Organization has invested in office buildings in prime areas in Melbourne and Perth.
Earlier this year, the developer made its first foray into Japan with Sekisui House, its longstanding partner in multiple projects in Singapore. In Osaka, where Sekisui House is headquartered, Far East Organization will be building a 14-storey hotel in the Fukushima district. It has also entered into a second hotel development project in Ariake, Tokyo, with Far East Orchard.
On the group’s latest triumph, Tan says: “It is an honour to receive the Top Developer award among so many outstanding developers.” To him, it further “affirms [our] experience and expertise in developing new and meaningful concepts, in tune with the needs of the community.”