HONG KONG, March 2, 2018 /PRNewswire/ -- Far East Consortium International Limited ("FEC" or the "Group"; SEHK: 35) is pleased to announce that on 1 March 2018, FEC Properties Pte. Limited ("FEC Properties"), an indirect wholly-owned subsidiary of FEC, received a letter from the solicitors of the owners of a property located at Holland Road in Singapore (the "Property"), accepting the tender of FEC Properties for acquisition of the Property for residential development at the tendered sale price of S$183,383,800 (equivalent to approximately HK$1,083,800,000).
The Property is prominently located in Holland area, a popular residential enclave of landed homes and high-end condominiums. Well-served by public transport plying Holland Road and its close proximity to Holland Village MRT, the Property enjoys unparalleled connectivity to the rest of the city. It is currently comprised of a 6-storey block with total freehold site area of 4,970.8 square meters ("sqm"), and may be developed into a residential project with total freehold Gross Floor Area ("GFA") of approximately 10,000 sqm, subject to planning approvals from the relevant authorities.
Mr. Chris HOONG, Managing Director of FEC said: "The Property is situated in a prime residential location in Singapore. FEC intends to redevelop it into a high-end residential development with total GFA of approximately 10,000 sqm. The acquisition is consistent with the Company's regionalisation strategy and is a great addition to the development pipeline in Singapore following Artra which was successfully launched last year. FEC will continue to expand its residential pipeline to deliver good returns to its shareholders."
About Far East Consortium International Limited
Far East Consortium International Limited has been listed on the Hong Kong Stock Exchange since 1972 (HKEx stock code: 35.HK). The Group is mainly engaged in property development and investment, hotel operations and management, as well as car park operations and facilities management. The Group adopts diversified regional strategy and the "Chinese Wallet" strategy with business covering Hong Kong, mainland China, Australia, Malaysia, Singapore, Europe and New Zealand.
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For further information, please contact:
Far East Consortium International Limited
Ms. Venus Zhao, Head of Investor Relations and Corporate Finance
Contact Number: (852) 2850 0639
Wonderful Sky Financial Group
Ms. Serana Liu
Contact Number: (852) 3970 2198