SG Realty: Far East Hospitality REIT & SingHaiyi Group acquisitions

The Marina Bay Sands hotel and casino stands in Singapore, on Thursday, Feb. 18, 2016. Photographer: SeongJoon Cho/Bloomberg

In a few realty related deals in Singapore, Far East Hospitality REIT is to acquire Oasia Hotel Downtown while SingHaiyi Group has purchased Park West condominium.

Far East Hospitality REIT to acquire Oasia Hotel Downtown

Far East Hospitality REIT has proposed to acquire Oasia Hotel Downtown from its sponsor, Far East SOHO,  for S$210 million ($158.1 million). The proposed deal will be funded by debt and proceeds from Far East H-REIT’s distribution reinvestment plan.

The deal is subject to shareholder approval.

Far East SOHO, a member of the Far East Organization group of companies, is selling the 65-year leasehold estate in Oasia Hotel Downtown, a 314-room upscale hotel in Tanjong Pagar, under its right of first refusal agreement with Far East H-REIT.

According to the company, the acquisition will be accretive to the distribution per stapled security (DPS) of Far East H-Trust for the nine-month period ended September 2017.

SingHaiyi Group to acquire Park West condominium

SingHaiyi Group’s joint venture (JV) firm, SingHaiyi Gold, is acquiring Park West condominium along Jalan Lempeng in Clementi at a price of $840.9 million ($633.2 million). SingHaiyi Gold is a 50-50 joint venture between SingHaiyi Land and Haiyi Wealth.

SingHaiyi Land is a wholly-owned subsidiary of SingHaiyi Group, while Haiyi Wealth is an entity controlled by Gordon Tang and his wife Celine, the controlling shareholders and directors of SingHaiyi Group.

The condominium owners accepted the bid – its third since previous attempts in 2007 and 2011 – and will see SingHaiyi Gold apply to the Singapore Land Authority (SLA) for the grant of a fresh 99-year lease for the property and to lift the title restrictions in the state lease.

The 36-year-old property sits on a land area of approximately 58,867 sqm with a plot ratio of 2.1. Additionally, an estimated differential premium of S$144.6 million is payable to redevelop the site to a maximum permissible gross floor area of about 135,982.8 sqm.

According to SingHaiyi, the acquisition will be funded via internal resources and bank borrowings.

Also Read:

Singapore: Mapletree Logistics Trust takes over HK realty asset in $78m deal

Singapore realty investor CapitaLand buys first office asset in Germany for $294m

SG Realty: Keppel Land Wuxi site; Ascendas REIT sale; First Sponsor Amsterdam purchase

SG Realty: Fortune REIT sells HK mall; Hotel Properties’ acquisition; Ho Bee Land’s Melbourne JV

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.