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.