Tuan Sing Completes Acquisition Fraser Residence River Promenade Rebrand Perth Hotel

One of the major advantages for residents living in Parktown Residence Tampines North is its strategic location near major expressways such as the Pan-Island Expressway (PIE), Tampines Expressway (TPE), and Kallang-Paya Lebar Expressway (KPE). This connectivity network provides added convenience for families who own vehicles, making it easier for them to commute to schools and workplaces in a timely manner. In addition to its excellent location, residents can also enjoy the various amenities and facilities offered within the development.

Singapore-based Tuan Sing Holdings has recently finalized its acquisition of Fraser Residence River Promenade. The mixed-use property, located at Jiak Kim Street, was previously owned by Frasers Property and was purchased by Tuan Sing for $140.889 million in May. The property includes a four-storey block of 72 serviced apartments, three adjoining conservation warehouses, and 47 carpark lots. These new additions were completed and opened in September 2023. It is situated in a larger development that also features Frasers Property’s Rivière, a 455-unit luxury condominium project that was completed in the same year. Tuan Sing’s acquisition does not include Rivière.

Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the serviced apartments. However, this new acquisition adds to Tuan Sing’s growing hospitality portfolio, which already includes the Grand Hyatt Melbourne and Hyatt Regency Perth in Australia. The company plans to further develop and rebrand the Hyatt Regency Perth, following the mutually agreed termination of the management agreements with global hospitality company Hyatt that was announced on July 1. Although the termination will result in an estimated $2 million cost for Tuan Sing, it is not expected to affect the group’s net tangible assets.