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Far East Orchard subsidiary forms JV for ¥8.20B Tokyo site purchase

Far East Orchard Ltd.'s Far East Hospitality Holdings Pte. Ltd. subsidiary formed a joint venture with Far East Organization's Boo Han Holdings Pte. Ltd. for the nearly ¥8.20 billion acquisition of a hotel development site in Ariake, Tokyo.

The joint venture created in the form of a Tokutei Mokuteki Kaisha will be signing the agreement to buy the roughly 2,542-square-meter development site from Shimizu Corp.

According to a news release, the project will be diagonally across the Ariake Arena, which is one of the venues that will host the 2020 Tokyo Olympics. The Singapore-listed Far East Orchard is optimistic that the hotel intended for the site will benefit from its proximity to the arena upon its completion.

As of May 28, US$1 was equivalent to ¥109.36.