Tuan Sing buys Fraser Residence River Promenade for $140.9 mil
Tuan Sing Holdings has acquired Fraser Residence River Promenade, a mixed-use property in Robertson Quay, it announced on May 14.
The development is being purchased from Frasers Property for $140.889 million. Located on Jiak Kim Street, the property occupies a 99-year leasehold site fronting the Singapore River.
It comprises a four-storey block of 72 serviced apartments, three adjoining conservation warehouses, as well as 47 carpark lots. The property was completed and opened in September 2023. It is part of a wider site that includes Frasers Property’s 455-unit luxury condo Rivière, which was also completed last year.
Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the property under the Fraser Residence brand. This acquisition marks Tuan Sing’s third hospitality asset.
It has two existing hospitality properties in Australia: Grand Hyatt Melbourne and Hyatt Regency Perth. Its fourth hospitality property will be its Opus Bay project in Batam, an integrated township with a hotel component that is currently under development. The new property gives Tuan Sing a base in Singapore where it is headquartered, says the group’s CEO William Liem.
Lim Guan Kiang, vice president of hospitality at Tuan Sing, says the new addition to the group’s hospitality portfolio will position it well to capture emerging market trends and capitalise on growing demand, and expand its hospitality business in the region.
The site where Fraser Residence River Promenade and Rivière sit was acquired by Frasers Property in December 2017 in a Government Land Sales tender. Frasers Property outbid nine other developers to win the coveted 145,117 sq ft site with a bid of $955.4 million or $1,733 psf per plot ratio.
With the acquisition of Fraser Residence River Promenade, Tuan Sing Holdings has made a strategic move to expand its hospitality portfolio in Singapore. This mixed-use property in Robertson Quay was purchased from Frasers Property for $140.889 million, providing Tuan Sing with a base in its home country.
Located on Jiak Kim Street, the property occupies a prime 99-year leasehold site fronting the scenic Singapore River. It consists of a four-storey block with 72 serviced apartments, three adjoining conservation warehouses, and 47 carpark lots. The property was completed in September 2023 and is part of a larger development that also includes Frasers Property’s luxury condo Rivière.
Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the property under the renowned Fraser Residence brand. This marks Tuan Sing’s third hospitality asset, with its existing properties in Australia including Grand Hyatt Melbourne and Hyatt Regency Perth. The group’s fourth hospitality property, Opus Bay in Batam, is currently under development and further expands its regional presence.
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CEO William Liem states that this acquisition provides Tuan Sing with a strong foothold in the Singapore market, where it is headquartered. Lim Guan Kiang, vice president of hospitality, shares that the addition of Fraser Residence River Promenade to the portfolio positions the group well to capitalize on emerging market trends and meet growing demand in the region.
The site where Fraser Residence River Promenade and Rivière stand was acquired by Frasers Property in December 2017 through a competitive Government Land Sales tender. The developer outbid nine others for the coveted 145,117 sq ft site with a bid of $955.4 million or $1,733 psf per plot ratio. With its prime location and mix of offerings, the property is a valuable asset in Tuan Sing’s growing hospitality portfolio.