Property investment company Golden Development Private Limited has acquired 12 million units of Singapore-listed Far East Hospitality Trust (FEHT) (SGX:Q5T).

Golden Development is controlled by the estate of the late Singapore tycoon Ng Teng Fong, which also has a controlling stake in Far East Organisation. The units were acquired in an off-market transaction on 2 June for SGD0.85 each.

With the acquisition, Golden Development’s direct stake in FEHT increased to 18.65% from 17.97% previously.

Units of FEHT slipped 1.7% at the close of the trading day to end at SGD0.875.