FAR East Organization (FEO), headed by Singapore's richest man, Ng Teng Fong, looks set to undergo a corporate rebranding exercise as it gears up for challenging times ahead.
'We need to be much more attuned to the life of other international cities so that we understand the lifestyles and preferences of our customers.' - Chief executive Philip NgMr Ng's son, Philip, who is also the company's CEO, said that it will be 'embarking on a formal and articulated programme to circumscribe a more visible corporate brand as well as define new sub-brands for our residential property sales and hospitality operations'.
The CEO also said: 'In this next phase of our organisational development, we will continue to be true to the vision of our founder and this means we must all participate in making Far East Organization an entrepreneurial organisation.'
Mr Ng was addressing his staff through the company newsletter, Landmark.
In it, he also outlined the challenges it faced in the preceding year as well as those it faces in the years ahead.
Saying that 2007 had been 'a rather chequered year', he added: 'Our performance across our spectrum of operations was somewhat uneven although business conditions for the better part of the year were quite rosy.'
While Mr Ng noted that 'business risks have heightened', and that 'there are now cycles within a cycle as globalisation impacts on us', he said: 'We see opportunities for business growth as Singapore transforms into a vibrant, global city that has an international marketplace for real estate and real estate products.'
Mr Ng revealed that its property sales operations have already been augmented with 'a network of regional offices and multi-country marketing channels'.
A substantial portion of FEO customers now come from overseas, including the Middle East, Europe, Russia, India and China, revealed Mr Ng. 'They are much more demanding especially of international products for which they are prepared to pay international prices,' he added.
'We need to be much more attuned to the life and living of other international cities and markets so that we understand the lifestyles and preferences of our customers,' he added.
To this end, FEO has already made considerable headway in fashioning new products for the global set, including The Scotts Tower, designed by Pritzker Prize winner Rem Koolhaas's architectural firm, Office for Metropolitan Architecture.
Also in the works is the 108-room hotel, Quincy, located off Orchard Road and styled after the trendy hotel chain, W Hotel.
To date, FEO has a development landbank of 11 million sq ft in Singapore. In 2007, it invested $1.15 billion to acquire development sites that will yield some 2.7 million sq ft of buildable area.
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