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Building An
Enduring
Enterprise
The memory of the late founder and chairman of Far East Organization, Mr Ng Teng Fong, lives on to inspire its present stewards to continue to excel and persevere to be the Developer of Choice.
TEXT YONG SHU CHIANG
HE HAD A DREAM TO BUILD AND SELL HOUSES, AND HE PURSUED IT WITH PASSION AND DETERMINATION. He also believed in the business virtues of frugality, hard work and progressiveness. A self-made businessman, the late founder and chairman of Far East Organization, Mr Ng Teng Fong, nevertheless always considered himself simply as an “ordinary working man”.
Humble Beginnings
Born in Putian, China in 1928, Mr Ng was the eldest of 11 children. He arrived in Singapore at age six when his family migrated here, where they established a soya sauce factory and ran a grocery shop. As the eldest son, he had been expected to carry on the family business. But his dream of developing property, fuelled by an ambition to satisfy a nascent desire for new homes among Singaporeans, took him on a different path.
Milestones in the history of
Far East Organization
1962
Jalan Pacheli
First major development of 72 terrace homes in Serangoon Gardens.
1967
Katong Seaview Palace
Major 2 mil sq ft project; Singapore’s first 2.5-storey homes with rooftop gardens.
1969
Watten Estate
Key 2.3 mil sq ft project; Introduction of semi-detached houses that resemble bungalows.
1970
Sino Land Company Limited, Hong Kong
Far East Organization’s sister company was established.
1974
Far East Shopping Centre
Development of the first and largest retail cum office complex with an atrium and external escalators on Orchard Road.
1978
Lucky Plaza
“Ginza of Singapore”. Introduction of the first air-conditioned bubble lift.
1983
Far East Plaza
“The Biggest Tourist Shopping Centre in Southeast Asia”. First to have a musical fountain and to offer the option of services as part of the residential leasing package in its Deluxe Apartments.
1987
Ming Court Hotel
Acquired a majority stake in the hotel which was later renamed Orchard Parade Hotel in 1991.
1995
Yeo Hiap Seng
Acquired a majority stake in the iconic food and beverage company.
Orchard Parksuites
Landmark 26-storey serviced residences with premier hotel-style services and finishes.
1996
Kew Gate
Built the first cluster housing development in Singapore.
1997
The Bayshore
Largest condominium of its time in Singapore. Winner of FIABCI Prix d’Excellence 1999.
1999
Far East Square
Restored shophouses and heritage buildings into a commercial development. Awarded FIABCI Prix d’Excellence 2001.
2001
The Fullerton Hotel Singapore
Restored historical institutional building into a luxury hotel. Winner of URA Architectural Heritage Award 2001, FIABCI Prix d’Excellence 2003, and Urban Land Institute Award for Excellence 2004.
2002
Gardenville
Awarded FIABCI Prix d’Excellence 2002.
2007
Icon
Introduced the first inner city residential project. Awarded the Building and Construction Authority (BCA) Construction Excellence Award 2009.
2008
The Central
Landmark integrated live-work-play development by the Singapore River.
Novena Medical Center
Singapore’s first public-private sector collaboration in healthcare services.
2009
Orchard Central
First new mall on Orchard Road in over 10 years. The Centre of New – Redefining urban lifestyle shopping.
Orchard Scotts
The largest landscaped city residential development in Asia. Awarded FIABCI Prix d’Excellence 2009. |
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“ORCHARD ROAD USED
TO BE A LEAFY STREET
LINED WITH DOUBLE-
STOREY SHOP HOUSES
AND AUTOMOBILE
SHOWROOMS – A FAR CRY
FROM THE FAMOUS
SHOPPING AVENUE WE
KNOW TODAY.” |
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His first major project of 72 terrace houses in Jalan Pacheli was completed circa 1960. During that time, he was inspired by the success of two large companies Cathay Organization and Shaw Organisation, and conceived the name Far East Organization for his stable of property companies. The next two decades saw Far East Organization embarking on numerous projects as it participated in the growth story of modern Singapore.
The projects included landed developments such as Katong Seaview Palace and Watten Estate – Mr Ng had seen the remarkable potential of the vast expanses of green hills that preceded these estates – and luxury apartments such as Beverly Hill, Lucky Tower and Honolulu Tower, which pioneered the concept of “bungalows in the sky” with homes of up to 5,000 sq ft.
Changing The Face Of Orchard Road
In the late 1960s and early 1970s, Orchard Road was a leafy street lined with double-storey shop houses and automobile showrooms – a far cry from the famous shopping avenue today.
But what Mr Ng envisioned was a vibrant main shopping street that would meet the market’s desires for new shopping and dining choices. He moved to unlock the potential of Orchard Road, starting with Far East Shopping Centre in 1974. One development after another sprung up in the years that followed. They include Lucky Plaza in 1978, Orchard Plaza in 1981, Far East Plaza in 1983 and Claymore Plaza in 1984, among others.
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Clockwise from left:
Orchard Central,
Novena Medical Center,
Orchard Scotts,
Far East Square,
The Bayshore, and Gardenville.
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Several of these early developments were noted for their progressive elements. Lucky Plaza, for instance, was the first multistorey, fully air-conditioned shopping centre in the world – a feat noted by the National Geographic magazine. Its golden bubble lifts, which delighted shoppers, were also the talk of the town.
Far East Shopping Centre was the first shopping centre in Singapore to feature an atrium and external escalators, while Far East Plaza became one of the first shopping centres to gain a strong following among youths. To date, Far East Organization has developed nine sites on Orchard Road into major shopping malls, with the latest being Orchard Central.
Far East Organization also acquired a majority stake in publicly listed Ming Court Hotel in 1987, which was renamed Orchard Parade Hotel in 1991. At different points in its 50-year history, the Organization also held stakes in other prominent buildings on Orchard Road such as Hilton Hotel and Hotel Singapura Intercontinental, the site on which Forum Galleria now stands.
Today, Far East Organization commands a strong hospitality presence in the area with three hotels – Orchard Parade Hotel, The Elizabeth and Quincy, as well as residences such as Far East Plaza Deluxe Apartments, Orchard Scotts, Orchard Parksuites and Regency House.
Beyond Singapore And Real Estate
In 1970, Mr Ng moved to Hong Kong to establish Sino Group. He continued to put his money and his faith in the Hong Kong market well into the 1980s even as fears loomed over the colony’s future post-Handover.
In 1980, Sino Group completed Tsim Sha Tsui Centre, the first building in Tsim Sha Tsui East (previously a landfill carved out of the former Hung Hom Bay). Over the next few years, it became the first property developer to transform the area into a vibrant retail and commercial centre. Mr Ng’s unwavering faith in Hong Kong and his confidence in a smooth Handover did not go unnoticed. In 1984, he was the only Singaporean businessman invited to witness the signing of the historic Sino-British Joint Declaration by British Prime Minister, Margaret Thatcher and Chinese Premier, Zhao Ziyang.
Far East Organization also owns an enduring asset in publicly-listed Yeo Hiap Seng Limited, the diversified food and beverage heritage brand which it acquired in 1995. Apart from its established all-natural Asian heritage drinks and foods, the homegrown brand with a history dating back to 1900 is launching a new generation of beverages that targets active, healthconscious consumers. Today, Yeo Hiap Seng has a global presence with operations in Singapore, Malaysia, China, Hong Kong, USA and Indochina, and Yeo’s products are exported to more than 150 cities around the world.
Enduring Values
Never one to rest on his laurels, Mr Ng was a firm believer in the business virtues of frugality, hard work and progressiveness. These qualities have endured as essential ingredients in the ethos of Far East Organization and the basis of its core values – Business Excellence, Unity, Integrity, Loyalty and Diligence (BUILD).
Chief Executive Officer Mr Philip Ng said his father was “one of the most hardworking people I know” and that he firmly believed in “kut lak” – the Hokkien phrase for ‘hard work’ – going hand in hand with “good luck”. He believed that with hard work, one would find one’s lucky break. Therefore, at Far East Organization, we believe there is no substitute for hard work.
Close friend Mr Peter Seah recognised that the late Mr Ng, whom he considered an oracle for the property market, had a “consuming passion for property development”. Mr Seah recalled how the latter would spend evenings observing vacant land and potential development sites.
Mr Ng was known to be rigorous in his study of these sites, often inspecting them not once but many times over, mornings, afternoons and nights, weekdays and weekends – with a trusty torchlight in hand if need be.
Inspiring The Future
Since its establishment in 1960, Far East Organization and Sino Group have built more than 1,000 developments spanning the full spectrum of the real estate market in Singapore and Hong Kong.
Together, the group has also reinvented its business, moving from the trading of properties to become a substantial investor and landlord. In Singapore, Far East Organization is the largest owner-operator of serviced residences and corporate housing with 2,400 apartments in its inventory. In Hong Kong, Sino Group is one of the city’s largest landlords. In addition, the group’s hotel portfolio includes 12 hotels spanning the leisure, business and luxury segments in the two cities.
Today, Far East Organization is evolving into a truly entrepreneurial, diverse organisation that embraces creativity and operational autonomy. The achievements of our founding chairman Mr Ng Teng Fong serve as a reminder to the present stewards of Far East Organization of his entrepreneurial energy and vision. Our late chairman is dearly missed but his memory lives on to inspire all of us to do more. He gave this enterprise a unique strength which we seek to preserve and, in turn, inspire better lives for our customers. LM
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