Beyond hospitality: Far East Orchard leans on student accommodation for recurring income
It aims to expand the segment and build up fund management capabilities
Add BT as a preferred source
[SINGAPORE] When real estate veteran Alan Tang took over as group chief executive officer of Far East Orchard (FEOR) on Jan 1, 2020, few could have foreseen how quickly the world would change with the spread of Covid-19.
Within weeks, borders closed and travel collapsed – a sudden shock for a company heavily exposed to global hospitality.
“The first year was trying,” Tang recalled in a recent interview with The Business Times, just after the group reported that its net profit had doubled year on year to S$37.6 million for the nine months ended Sep 30.
TRENDING NOW
Japan Home closing outlets; staff say Valu$ taking over operations
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
From sales executive to DBS chairman: A look at banking veteran Peter Seah’s career
Timah Partners lands S$60 million facility from lenders including UOB, RHB
