AMTD Property Development Group announces completion of acquisition of landmark serviced apartment building Oakwood Premier in OUE Downtown
Recently, AMTD Property Development Group, a subsidiary of AMTD Group, which focuses on real estate development, investment, operation and development, officially announced that it has successfully partnered with the world's leading diversified conglomerate and top real estate developer Far East Consortium International Limited (“Far East Consortium”, HKEX: 35) to complete the acquisition of the landmark serviced apartment building Oakwood Premier in OUE Downtown with a total consideration of SGD 290 million (approximately USD 210 million) and has officially changed its name to Oakwood Premier AMTD Singapore.
Officially renamed as Oakwood Premier AMTD Singapore
Sin Yat-kin, SBS, CSDSM, Chief of Staff at AMTD Group, Mark Lo, Vice President of AMTD Group and CEO of AMTD Property Development Group, Clarence Wong, Chief Operating Officer of Dorsett Hotel Group, a subsidiary of Far East Consortium , and Stephen Li, Vice President of Engineering of Dorsett Hotel Group inspected and took over the Oakwood Premier AMTD Singapore building on behalf of AMTD Property Development Group and Far East Consortium. They also attended the transaction completion handover and the renaming ceremony of the building. Paul Stocker, Vice President of Oakwood, a leading hotel apartment operator, representative from the seller OUE LIMITED and representatives from the intermediaries involved in the acquisition also attended the ceremony.
Sin Yat-kin, SBS, CSDSM, Chief of Staff at AMTD Group (third from right), Mark Lo, Vice President of AMTD Group and CEO of AMTD Property Development Group (first from left), Clarence Wong, Chief Operating Officer of Dorsett Hotel Group, a subsidiary of Far East Consortium (second from right) , Stephen Li, Vice President of Engineering of Dorsett Hotel Group (first from right), and Paul Stocker, Vice President of Oakwood (second from left) at the ceremony
Sin Yat-kin, SBS, CSDSM, Chief of Staff at AMTD Group (first from right), Mark Lo, Vice President of AMTD Group and CEO of AMTD Property Development Group (second from left), Clarence Wong, Chief Operating Officer of Dorsett Hotel Group, a subsidiary of Far East Consortium (first from left), and Anthea Lim Yii, representative from OUE LIMITED completed the handover
Oakwood Premier AMTD Singapore, formed part of OUE Downtown, is a newly refurbished mixed-use development project comprising two high-rise towers with offices and a retail mall apart from the Hotel. Located in the heart of Singapore's vibrant central business district, Oakwood Premier AMTD Singapore enjoys excellent access to a myriad of commercial, leisure and retail attractions and is within walking distance to Tanjong Pagar, Raffles Place and Downtown MRT station as well as the upcoming Shenton Way and Prince Edward Road MRT stations. Future Singaporean government initiatives, including the CBD Incentive Scheme and Greater Southern Waterfront, will further reinforce this area as a vibrant commercial and lifestyle destination. Oakwood Premier OUE Singapore, opened in June 2017, has a total of 268 rooms, 2 restaurants and other amenities with total gross floor area of 23,234 square metres.
The total consideration of the acquisition is SGD 290 million (equivalent to approximately USD 210 million), AMTD owns 51% interest and Dorsett Hospitality International Limited, a wholly owned subsidiary of Far East Consortium , owns the remaining 49% interest. The Hotel is renamed as "Oakwood Premier AMTD Singapore" and will continue to be operated by Oakwood, a global leading hotel operator.
AMTD Property Development Group in the transaction partners with Far East Consortium (35.HK) in this transaction. Far East Consortium is a leading regional conglomerate with property development and investment, hotel operations and management, car park operations and facilities management, securities and financial product investment and gaming operations in Mainland China, Hong Kong, Malaysia, Singapore, Australia, New Zealand, the United Kingdom and Continental Europe. Far East Consortium’s clear “Asia Footprint” strategy targets to benefit from the consumption and investment of Asia's rapidly-expanding and affluent middle class.
AMTD Group has been strengthening its strategic presence in Singapore and Southeast Asia: Prior to this transaction, AMTD Group and Monetary Authority of Singapore ("MAS") had jointly organized Singapore Fintech Festival for 3 consecutive years, which is the largest and most influential fintech event in the world. AMTD Group also established close working relationship with the Singapore Exchange (“SGX”) to connect innovative developments of ASEAN capital markets and Chinese business opportunities. In addition, AMTD Group and AMTD Foundation had established ASEAN Financial Innovation Network ("AFIN") jointly with MAS, ASEAN Bankers Association and the International Finance Corporation (IFC). Calvin Choi is a member of the board of directors of AFIN.
Singapore Prime Minister Lee Hsien Loong inspects AFIN and its APIX platform, co-founded by AMTD and the Monetary Authority of Singapore
Singapore's Deputy Prime Minister and Minister for Finance, fourth-generation successor Heng Swee Keat with Chairman and CEO of AMTD Group, Calvin Choi
Singapore Monetary Authority President Ravi Menon (7th from left) and Calvin Choi (3rd from right) at the opening ceremony of the API Exchange (APIX platform)
Dr. Vivian Balakrishnan, Singapore Minister of Foreign Affairs (middle), Jacqueline Loh, Vice President of the Monetary Authority of Singapore (first from right) and Calvin Choi, Chairman and CEO of AMTD Group (second from right), Frederic Lau, Vice Chairman of AMTD Group, and Chief Executive Officer of Airstar Bank (second from left) and Raymond Yung, Chairman of AMTD Global Advisory Committee (first from left)
Singapore's Minister of Education Ong Ye Kung (middle) inspected AMTD Singapore Innovation Centre accompanied by Calvin Choi (second from left), Raymond Yung (second from right), Frederic Lau (first from right), and Mark Lo (first from left)
Vincent Loy, Assistant Managing Director at Monetary Authority of Singapore (second from left), Calvin Choi (second from right), Frederic Lau (first from right), and Raymond Yung (first from left)