Tuan Sing to Acquire Iconic Singapore Riverfront Hospitality Asset in for $140 Million
Tuan Sing Holdings Limited recently announced its acquisition of a newly completed mixed-use property in a prime location in Singapore as part of its broader growth strategy to further expand its hospitality business in Singapore and the region. The property, known as Fraser Residence River Promenade, with a conservation warehouse component, is strategically located within Robertson Quay along the banks of the Singapore River, encompassing an up-and-coming business/tourist vicinity linked to the bustling Clarke Quay/Robertson Quay precinct.
Under a sales and purchase agreement signed today, Tuan Sing is acquiring the property for $140.889 million which comprises a 4-storey block of 72 serviced apartments, 3 conservation warehouses as well as 47 car park lots. The latest acquisition complements the Group’s two existing hospitality assets in Australia – Grand Hyatt Melbourne and Hyatt Regency Perth. This would be expanded further when its Opus Bay project in Batam, an integrated township which has a hotel component, currently under development, is completed.
“This strategic acquisition allows the Group to enlarge its hospitality portfolio’s product offering and geographical presence, contributing to its overall growth strategy,” said Mr William Liem, Group Chief Executive Officer of Tuan Sing.
“This new property will give us a base in Singapore, where we are headquartered and a key gateway city and world-class destination for business and leisure, to expand our hospitality business,” he added.
Mr Lim Guan Kiang, Vice President, Hospitality, commented, “We are pleased to have had the opportunity to acquire this iconic asset at a time when the hospitality market is bouncing back strongly following the opening of borders for travellers worldwide.”
Supported by various government agencies, including the Singapore Tourism Board, Singapore consistently delivers high-value visitor experiences, further cementing its reputation as a top destination for both entertainment and business. This has led to increased demand and stronger occupancy rates for both hotels and serviced apartments in Singapore.
“This new addition to our hospitality portfolio will position us well to capture emerging market trends and capitalise on growing demand, helping us to expand our hospitality business in the region,” added Mr Lim.
Newly completed and opened in September 2023, the property has quickly established itself in the Singapore hospitality market, with rising occupancy and room rates complemented by Jiak Kim House, a contemporary restaurant within the adjacent conservation warehouses. The main attraction of this property is its location along the Singapore River, which is surrounded by an affluent River Valley enclave as well as being within a stone’s throw from the vibrant nightlife at the Clarke Quay and Robertson Quay precincts. It is also within walking distance from Fort Canning Park, a hilltop park steeped in heritage and history.