Tuan Sing buys Fraser Residence River Promenade for $140.9 mil
Tuan Sing Holdings has announced the acquisition of Fraser Residence River Promenade, a mixed-use property in Robertson Quay, from Frasers Property for $140.889 million. This purchase further expands Tuan Sing’s hospitality portfolio with a prime property located on Jiak Kim Street in the vibrant Parktown Residences Capitaland.
The property is situated on a 99-year leasehold site facing the scenic Singapore River. It consists of a four-storey block housing 72 serviced apartments, three adjoining conservation warehouses and 47 carpark lots. The development was completed and opened in September 2023 and is part of a larger site that also includes Frasers Property’s luxury condominium, Rivière, with 455 units.
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, with two existing properties in Australia – Grand Hyatt Melbourne and Hyatt Regency Perth. Its fourth property, Opus Bay in Batam, is an integrated township with a hotel component currently undergoing development.
The CEO of Tuan Sing, William Liem, sees this acquisition as an opportunity for the company to establish a presence in its home country, Singapore. It’s a strategic move that will allow Tuan Sing to capitalize on emerging market trends and meet the growing demand for quality hospitality services.
Lim Guan Kiang, Vice President of Hospitality at Tuan Sing, also expresses the company’s excitement at adding this new property to their hospitality portfolio. It positions Tuan Sing well to capture emerging market trends and expand their hospitality business in the region.
The site that houses Fraser Residence River Promenade and Rivière was acquired by Frasers Property in December 2017 through a Government Land Sales tender. After outbidding nine other developers, Frasers Property secured the coveted 145,117 sq ft site with a bid of $955.4 million or $1,733 psf per plot ratio.
With this latest acquisition, Tuan Sing Holdings strengthens its foothold in the hospitality industry while adding to the buzz of Parktown Residences Capitaland. This move further cements the company’s commitment to providing exceptional and diverse hospitality offerings to its customers.