Property developer Golden Development Private Limited has acquired 3 million units in Far East Hospitality Trust. The estate of the late real estate Singaporean tycoon, Mr Ng Teng Fong, has a direct stake in Golden Development. Thus the acquisition brings the late tycoon's estate's direct control in Far East Hospitality Trust to 37.1 per cent.
|Far East Hospitality Trust has a portfolio of 11 hotels and serviced residences across Singapore.|
Mr Eng Teng Fong was the founder of Far East Organization, the sponsor of Far East Hospitality Trust. The deceased tycoon's estate controls a large portion of the trust via companies such as Golden Development and Oxley Hill Properties. He died in 2010.
The units were purchased at a price of S$0.8869 each. Units of Far East Hospitality Trust closed the day at S$0.865 on the Singapore Exchange.
Far East Hospitality Trust is a stapled security comprising of Far East Hospitality REIT and Far East Hospitality Business Trust.
This story and others will be covered further in Issue 7 of REITSWEEK.