| 18 September 2008
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Singapore's hotels in Moscow
Singapore Far East Organization successfully operating in the Asian real estate market, is planning to enter the Russian hotel market. "The corporation intends to start with purchasing some ready hotel assets, " said Chin Bun-Kua, the managing director of Far East Organization, during the press-conference in the Singapore Embassy.
According to the Singapore company's representative, they are interested in investments into the Russian market due to the shortage of hotels of high quality. "We’re planning to buy some old hotel and convert it into a five-star hotel under Fullerton brand," he said.
Bun-Kua pointed out that at this stage the company is only interested in Moscow and Saint-Petersburg markets. A hotel, the company wants to buy and reconstruct, should not be big – no more than five hundred rooms. There’s still no specific offer though, and the company continues to study the market.
Far East Organization is the largest corporation in Singapore with the annual turnout of four billion dollars. It associates more than 180 privately-held development and investment companies, as well as Orchard Parade Holdings Limited ? Yeo Hiap Seng Limited holding companies.
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