PropNews - Far East buys another Orchard Rd property

Business Times Singapore reported today that Far East Organization will be buying Angullia Mansions, a prime freehold property beside Four Seasons Park for S$120 million. With development costs and the ability to incorporate up to 60 apartment units with sizes averaging 2000 sq. ft., analysts are expecting the new development by Far East to be able to break even at just a price of S$1,400 psf. This would be significantly lower than the Orchard Turn site which has only a leasehold site of 99 years and requiring a breakeven of at least S$2,000 psf.
This new acquisition comes on the rush by Far East to purchase properties in the Orchard Rd area. In addition to partially owning Far East Plaza, Far East Shopping Centre, Lucky Plaza, Orchard Shopping Centre, and some other retail buildings around Orchard Rd, it also owns and operates the Orchard Parksuites, Elizabeth Hotel, Regency House and Orchard Parade Hotel. This portfolio makes Far East the largest private property owner in the Orchard Rd belt.