Singapore Corporation “Far East Organization” plans to operate hotels in Russia under its own brand name

The player of Asiatic market of real estate the corporation “Far East Organization” is planning to expand its coverage to the commercial real estate market of Russia via purchasing hotel assets, the managing director of the corporation Chia Bun Kvua said Wednesday at the press-conference in the embassy of Singapore.  

“A number of Singapore companies work in Russian market today and we also look into this possibility. We aim at the hotel market because demand for hotels is very high. We are planning first to purchase some old hotel and turn it to five-star residence under the brand name Fullerton”, he reported.

According to Chia Bun Kvua the corporation is now interested only in the markets of Moscow and Saint-Petersburg.

As Chia Bun Kvua noted the corporation  didn’t have any specific data to begin the expansion because it investigates the market now and awaits for the sensible suggestions.

Far East Organization is a large private Singapore company with the annual turnover of $4 bln. The market price for the corporation is estimated to $25 bln. It includes more than 180 private companies – developers, investment companies and holdings Orchard Parade Holdings Limited and Yeo Hiap Seng Limited.

Source: www.riarealty.ru