Far East Consortium International Limited (FEC), a Hong Kong-based conglomerate, announced a new joint venture acquisition in a significant move that solidified its foothold in the Singaporean hospitality market. This bold expansion comes through its hotel operations and management subsidiary, Dorsett Hospitality International (DHI), which is set to spearhead the remodelling and rebranding of a critical property in Singapore under the banner “Dorsett Changi City Singapore.”
The new joint venture, Dorsett Atelier Capital Heeton Changi, represents a strategic collaboration between DHI and its partners. DHI will lead the property’s development, providing asset management expertise, rebranding, and steering the overall project through its various stages. The venture marks a continuation of DHI’s successful strategy in hospitality management, aligning with its vision to establish a more substantial presence in major global markets.
Winnie Chiu on Growth and Strategic Partnerships
Winnie Chiu, BBS, JP, Chairperson and Executive Director of DHI and Executive Director and Joint Managing Director of FEC, expressed her optimism about this new venture and stressed its significance within FEC’s broader strategy.
“We are fully committed to forming strategic partnerships with like-minded investors to fuel growth and drive value creation for all stakeholders,” Chiu stated. “DHI is a trusted partner with a proven track record for overseeing every phase of hospitality development. Our experience ranges from site acquisition and property upgrades to business operations and asset management.”
Chiu added, “This joint venture is a testament to our new asset-light investment model, where we serve as minority equity partners. By contributing our extensive experience and leveraging our proven track record, we offer partners a more secure and efficient alternative for hotel investment while optimizing FEC’s balance sheet.”
This approach allows FEC and DHI to expand their reach without bearing the entire financial burden, ensuring agility in a competitive market. The strategic decision to enter the Singaporean market aligns with the company’s long-term goals and promises to yield significant stakeholder returns.
Expanding DHI’s Global Portfolio
Dorsett Changi City Singapore will mark the third property in the city-state under DHI’s portfolio, further expanding its Southeast Asian footprint. With additional projects, DHI is poised to have a significant impact globally. In addition to the developments in Singapore, the company plans eight new properties across Hong Kong, Australia, and the United Kingdom.
DHI has built a reputation as a fully integrated hotel group with comprehensive expertise across the entire hotel lifecycle. DHI is proficient in greenfield, brownfield, and conversion projects, from deal sourcing and design to construction and asset management. Its approach is holistic, with a focus on maximizing yield from pre-opening operations to eventual exit strategies.
The group’s track record speaks for itself. Notably, in 2019, DHI acquired a hotel property in Singapore through a joint venture, later rebranded as Dao by Dorsett Aparthotel in 2022. Within the first year of its rebranding, the property saw its Gross Operating Profit (GOP) double, resulting in a remarkable 25% increase in valuation.
A New Era of Hospitality
As the hospitality industry evolves, DHI positions itself at the forefront of innovation, leveraging strategic partnerships to grow its portfolio. The success of the joint venture model and the rebranding of properties like Dorsett Changi City Singapore highlights the company’s ability to adapt to market trends while delivering value to its partners and stakeholders.
Dorsett Hospitality International’s focus on long-term growth and sustainable development ensures that it will continue to dominate the global hospitality landscape.
For more information on DHI and their properties, visit the official Dorsett Hospitality International website: www.dorsett.com.
Written by: Soo James
