FEO Plans To Build 5-Star Hotel in Kolkata
Singapore-based real estate major, Far East Organization (FEO) is looking to build the five-star hotel in Kolkata. The Company is initially planning to convert a heritage building to a brand new five-star hotel.
FEO is the largest private property developer. Its development activities span the full spectrum of the real estate market, from residential and commercial to industrial properties. Company is also the largest private residential landlord and one of the largest owner-operators of hotels in Singapore.
Chia Boon Kuah, chief operational officer of FEO, said that we are now in talks with a private party which owns the heritage property in Kolkata. The location will be in the heart of the city, somewhere near Ho-Chi-Minh Sarani. If everything goes well, it would be a 150-200 room sophisticated five-star heritage hotel. The project has not been finalized yet. The company is also looking at similar projects for heritage hotels in other metropolises like Delhi and Mumbai.
It is a sister company of Hong Kong-based Sino Group. Both the companies jointly had a turnover of $4 billion last year and a total asset value at $25 billion.
Apart from the heritage hotel project, the firm is also keen on setting up commercial projects at two-three locations in Kolkata.
Land Solution (India) chief executive officer (CEO) Akshay Jain, the authorized representative of FEO for projects in India, said the company was likely to spend Rs 400 Crores in the residential and commercial segments in the country.