Singapore’s 3rd richest billionaires’ firm sells prime freehold land for $66M
Far East Organization, controlled by Singapore’s third-richest billionaires Philip and Robert Ng, has sold a freehold property in the city-state’s prime District 11 for S$84.2 million (US$66.4 million).
Singapore's third richest billionaire family, Far East Organization, has sold prime freehold land in the Bukit Timah residential enclave for $66 million. The 37,155-square-foot property at 134 Watten Estate Road, comprised of two plots, is zoned for mixed-landed housing and currently houses a three-story apartment complex. The Ng family, who control Far East Organization, has long been associated with the area, as the company developed it in 1969.
The buyer is Aurum Land, a wholly-owned subsidiary of the Woh Hup Group, one of Singapore's largest privately owned construction and civil engineering companies. The redeveloped land could potentially be used to build a mix of detached houses and other landed properties. Realstate Premier Group's Jessica Lim, representing Far East Organization, estimated that the new homes could be worth over $5,000 per square foot, based on recent landed-property transactions in the surrounding area.
Far East Organization was founded in 1960 by Ng Teng Fong, who is ranked third on Forbes' list of the richest people in Singapore with a combined net worth of US$14.3 billion.
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