The Hindu Business Line : Singapore real estate firm eyes heritage buildings

Kolkata, Feb. 24 Singapore-based Real Estate Developer, Far East is looking at acquiring heritage buildings across major metropolitan cities and turning them into ‘top-end’ five-star hotels and service centres, the Chief Operating Officer, Mr Chia Boon Kuah, said here on Saturday.

As a first step, they have already acquired the late Lady Ranu Mukherjee’s house on Ho Chi Minh Sarani here in association with partner Wellside International Pvt Ltd. The building will be turned into a 150-200 room luxury hotel using the brand name Fullerton, Mr Chia said.

“We are looking at opportunities of converting heritage buildings in all top cities all across the country into hotels as a new business model. There are some buildings in Delhi, Mumbai, Kolkata and even Bangalore under considerations, which we can use on an ‘own and operate’ basis,” he said.

The company, however, wants to make Kolkata its first destination. “Kolkata, which was the capital city for the British here, has the largest number of well-designed heritage buildings in this country, and therefore, offers the maximum opportunity in this regard,” Mr Chia said.

The $4-billion US Far East group of companies has residential and commercial projects across the world, in places such as Singapore, Hong Kong and Malyasia, and is now looking at Australia, Taiwan and India, according to Mr Chia.

In India, Far East has plans to invest over a $100 million in residential projects in the next five years, the company’s marketing partner in India, Land Solution’s Mr Akshay Jain said.

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