The Singaporean Ng family has certainly taken a shine to Sydney property.
They first came to my attention last November when Philip Ng bought Yamba, the idyllic Pittwater retreat (pictured above), for $7 million after Foreign Investment Review Board approval.
He leads the Singaporean based property development company, Far East Organization which is owned by Singapore's richest family. Philip Ng, with his brother Robert have an estimated US$10 billion net worth, according to the most recent Forbes Rich List.
The prized Scotland Island trophy property was signalled as set to be be used as a retreat for the Far East family following the companies' expansion into Sydney via the $72 million October 2013 purchase of prime commercial property, the Clocktower Square complex in Sydney as part of its growth and diversification strategy.
Since then the Far East organisation has spent $425 million, bringing their total Australian acquisitions to $710 million.
Last week it was the Ausgrid property at 570 George Street sold by the NSW government for $151.8 million.
The 20,000 square metre building opposite Sydney Town Hall and St Andrew's Cathedral is a prime location for conversion to a residential tower with a hotel and retail component.
In February Far East Consortium paid about $130 million for the Kyko Group's 50-58 Park Street.
Late last year Far East paid $143 million for Valad Property Group’s 1976 office block at 227 Elizabeth Street, a 24-storey building with development approval for 114 units.
At 24 levels high above Sydney's Hyde Park there could be two remarkable penthouse apartments soon boasting panoramic views towards St Marys Cathedral and Sydney Harbour from their amazing infinity pool (pictured above) atop the luxury 114 apartment residential tower designed by PTW Architects at 227 Elizabeth Street, Sydney.
Sydney City Council is yet to give approval for the probable conversion of the existing office building to residential. Vacant possession is likely to occur between April 2015 and June 2016 for the building which sits on Elizabeth Street and boundaries Bathurst and Castlereagh streets.
Built as the Aetna Life tower, the building’s design architect was Sir Roy Grounds, Australia’s most celebrated architect of the mid-20th century, best known for his National Gallery of Victoria and Victorian Performing Arts Centre in Melbourne and the Academy of Science in Canberra.
The existing building has an unusual concept designed to maximize the views over Hyde Park and to minimize late-afternoon heat load.
Far East Organization also bought last year a 13.7 hectare site in St Helena, Greensborough, Melbourne with plans to develop into an integrated residential community and is buying the Harbour Town Centre in Perth for $205 million.
Since its 1960s establishment by Philip Ng's father, Ng Teng Fong, the Far East Organization has developed nine sites on Orchard Road into major shopping malls, the most recent being Orchard Central, along with hotel and health care interests.
Over the 53 years, the Far East Organization has undertaken more than 730 developments in the residential, hospitality, retail, commercial, and industrial sectors, including 44,000 or one in six private homes in Singapore. The developer of hotels and malls in Singapore and Hong Kong is reported to have annual revenues of US$5.5 billion.
Accessible only by boat, Yamba, the 7,463-square-metre Scotland Island property has three separate waterfront titles, with two residences, a cabin and a vacant parcel of waterfront land.
Regarded as one of Pittwater's most significant landholdings, set on the north-western side of the island, Yamba was built for the Robertson family of Angus & Robertson bookstores, with later owners including the Moran healthcare family.
Yamba's 1915 renovated and extended five-bedroom house flows onto level lawns, a sandy beach where there are two boat sheds and two deepwater jetties.
The Ng's are known to view Australia as an attractive property investment market driven by a stable economy and well-regulated business environment.
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