Media Coverage | AMTD partners with Far East Consortium to acquire Oakwood Premier OUE Singapore
Recently, AMTD Property Development Group, together with Hong Kong's leading diversified conglomerate and top real estate developer Far East Consortium International Limited (HKEX:35), jointly invested S$290 million (around US$210 million) to fully acquire Oakwood Premier OUE Singapore, the landmark serviced apartment and hotel located in the OUE Downtown central business district in Singapore. It will be officially renamed as Oakwood Premier AMTD Singapore. The acquisition attracted widespread domestic and foreign media attention and coverage.
Far East Consortium
The Group has been committed to building a stronger business foundation in Singapore. The city processes advantages such as world-class infrastructure, excellent flight connections, popular leisure attractions and stable economy. The Group has already been operating a very successful hotel Dorsett Singapore in Singapore. Therefore, with Dorsett's well-established operating platform, the newly acquired hotel allows the Group to take advantage of the stable business environment in this market and further diversify its hotel portfolio. The Group's partnership with AMTD in the acquisition allows the Group to establish a long-term and stable relationship of mutual benefit and at the same time and affirmed each other as strategic partners for future projects, thereby effectively reducing capital expenditures and optimizing overall investment return.
Ms Winnie Chiu Wing-kwan, JP, President and Executive Director of Dorsett Hospitality International
The acquisition of Oakwood Premier OUE Singapore is an important step in the expansion of the Group's hotel business segment. The acquisition can bring cash returns to the Group from its existing business, and as it continues to reposition, it also has strong short-term potential.
This is the first step in establishing a new and exciting hotel investment partnership with AMTD, one of our strong partners in the capital markets. We hope that this transaction will be a successful model for establishing a diversified and profitable hotel portfolio for both parties.
Mr. Cheong Thard Hoong, Managing Director of Far East Consortium International Limited
We believe that the total consideration paid is attractive given the location, quality and potential of the property. We think the Singapore market is very attractive and believe that the hotel's operating performance can be improved in the short and medium term. The addition of a second hotel in Singapore will also allow us to consolidate our platform and enhance synergy. This acquisition will begin to contribute immediately and increase our geographic diversification and is in line with our “Asia Footprint” strategy.