Singapore-based real estate major Far East Organisation (FEO) is planning to convert a heritage building in Kolkata into a five-star hotel.
"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," Chia Boon Kuah, chief operational officer of FEO, told IANS on the sidelines of a programme in Kolkata on Saturday.
He said the project has not been finalised yet. The company is also looking at similar projects for heritage hotels in other metropolises like Delhi and Mumbai.
FEO, the largest real estate company in Singapore, owns the Fullerton Hotel chain in South-East Asia, including a 398-room business hotel in Singapore.
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.
"A NRI based in Singapore is trying to facilitate the heritage hotel project in Kolkata," he said.
Kuah, however, refused to disclose the details of the proposed investment, only saying the company would not face any problem in raising capital.
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 authorised representative of FEO for projects in India, said the company was likely to spend $100 million in the residential and commercial segments in the country.
"We are now in talks with some property owners in Kolkata to set up our projects in the heart of the city," Jain said.