Tuan Sing Completes Acquisition Fraser Residence River Promenade Rebrand Perth Hotel

Tuan Sing Holdings has successfully acquired Fraser Residence River Promenade in Singapore. The property, located at Jiak Kim Street, was purchased for $140.889 million from Frasers Property in May. The mixed-use property features a four-storey block of 72 serviced apartments, three adjoining conservation warehouses, and 47 carpark lots. These new additions were completed in September 2023. This acquisition does not include the neighbouring luxury condo, Rivière, which was also completed last year by Frasers Property.

In the northern region of Singapore, the Woodlands is currently undergoing a major makeover thanks to the URA’s Master Plan. This comprehensive plan has ambitious goals for the development of the Woodlands Regional Centre, which is set to become a thriving hub for commercial activities. Divided into two distinct precincts, Woodlands Central and Woodlands North Coast, this center aims to revitalize the area by attracting new businesses, creating employment opportunities, and enhancing the overall living standards for local residents. Alongside this exciting transformation, the prestigious Norwood Grand Champions Way, which can be visited at Norwood Grand Champions Way, will also be a prominent feature of this bustling hub, further contributing to the vibrancy of the Woodlands community.

Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the serviced apartments within the property. However, Tuan Sing’s hospitality portfolio, which already includes the Grand Hyatt Melbourne and Hyatt Regency Perth in Australia, will now also include the newly acquired property. Tuan Sing plans to reposition and rebrand the Hyatt Regency Perth. This decision comes after the group announced the mutually agreed termination of their management agreements with global hospitality company, Hyatt, on July 1. While this termination will incur a cost of about $2 million for Tuan Sing, it is not expected to affect the group’s net tangible assets.