Far East Orchard books S$4.3m profit from Woods Square

Sat, Jun 27, 2020

Rachel Chia

MAINBOARD-LISTED hotel operator and property developer Far East Orchard on Friday said it has sold 62 per cent of the 208 units launched for sale in Woods Square, and recognised S$4.3 million in its share of the profit from the Singapore 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 in response to shareholder questions submitted in advance of its annual general meeting - 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.

Far East Orchard also said the redevelopment of Westminster Fire Station in London is ongoing, and expected to be completed in 2021. It 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 ended Friday at S$1.03, up S$0.02 or 2 per cent.