SINGAPORE (THE BUSINESS TIMES) – Mainboard-listed hotel operator and property developer Far East Orchard on Friday (June 26) said it has sold 62 per cent of the 208 office units launched for sale in Woods Square, and recognised $4.3 million in its share of the profit from the development as at March 31.
Woods Square is an integrated office development at Woodlands Regional Centre jointly developed with parent company Far East Organization and Sekisui House. It obtained its temporary occupation permit (TOP) in February.
All the office units at Tower 1 of Woods Square are for sale, while office units at Tower 2 and retail units are for lease.
The development has achieved “healthy leasing for its retail units”, Far East Orchard said.
The company was responding to shareholder questions submitted in advance of its annual general meeting – to be held by electronic means – on Friday afternoon.
Last year, it announced that Far East Management had purchased three office units at Tower 2 for an aggregate area of 6,796 square metres.
Revenue and cost of sales for units sold are recognised upon TOP, the developer said.
Both Far East Management and Far East Orchard are members of Far East Organization, Singapore’s largest private property developer.
Apart from Woods Square, Far East Orchard said the redevelopment of Westminster Fire Station in London is ongoing and expected to be completed in 2021. The company is planning to convert the former fire station into a mixed-use development comprising residential apartments and a restaurant.
It added that it is “closely monitoring the pandemic and political situation before considering the sale launch”.
“We will consider delaying the launch of Westminster Fire Station until confidence in the market returns,” the company said, adding that the project team is working towards the revised deliverables for completion.
Shares of Far East Orchard were flat at $1.01 as at 11.35am on Friday.
“Source:[Far East Orchard sells 62% of launched Woods Square office units] © Singapore Press Holdings Limited. Permission required for reproduction”