One of the biggest names for hotel operations and property development once again brought success on sales as Far East Orchard was able to close deals equivalent to 62 percent of their launched corporate units, when they were interviewed last June 26 of this year. For the record, they were able to sell 208 office units located in Woods Square and have noted an amount of $4.3 million dollars profit-sharing from the development deals by the 31st of March.
The development in Woods Square was able to earn a temporary occupation permit last February so it could operate. Woods Square is a combined corporate development located at Woodlands Regional Centre, which was integrated by Sekisui House and its main company Far East Organization.
While all corporate offices are for sale at Tower 1, the other office units, as well as retail ones, are for leasing at Tower 2.
Far East Orchard confidently noted that the property was able to obtain good leasing transactions for its retail units given the records and sales transactions made. This is what the company shared when asked about its annual general meeting for shareholder conferences and yearly checks, which were held electronically.
Far East Management reported purchases of three corporate and office units located at Tower 2 last 2019, which has an estimated area of 6,796 square meters.
The profit and sales pricing for all sold units was noted upon getting its TOP, as explained by the property developer.
The popular names Far East Management, as well as Far East Orchard, are both affiliated with Singapore’s biggest name in private property development, the Far East Organization.
It is not just Woods Square that is proudly being noted by the Far East Orchard as one of its most recent great property developments, as the prestigious redevelopment being held in London for Westminster Fire Station is also being organised, and the expected completion will be in 2021 which is next year. It has given and shared thoughts that the former fire station would be converted into a pristine mixed property consisting of residential units and retail ones for restaurants and the like, which adds up to a great and exclusive location in London.
Though given the current situation caused by the pandemic, it is also monitoring the possibility of its delayed launch, and no announcement has been made yet. Almost every country was affected worldwide and due to the economy and market changes, the launch of Westminster Fire Station development has not been proposed yet until everything returns to normal. It may not be anytime soon but it will surely go back to its realistic state as time goes by. The company also shared that the team working on it even considered reorganizing the completion date for the property development to ensure everything was going to be launched successfully.
As of 11:35 am last Friday, the shares made by the Far East Orchard were noted at $1.01.
To learn more about Singapore properties, visit www.mohsingapore.sg
