Tuan Sing Holdings, a leading property developer and investment firm based in Singapore, recently announced plans to reconstruct two of its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne.
The company’s wholly-owned subsidiary, Grand Hotel Group (GHG), has enlisted the services of Hong Kong-based urban design company Urbis Ltd. to submit a Town Planning Application to the City of Melbourne for the proposed works. The two properties currently house the 550-room Grand Hyatt Hotel and a variety of retail spaces.
Tuan Sing’s announcement on November 14 revealed that the reconstruction will largely involve modifications to the façade, extensive refurbishments, and reconfiguration of spaces in the podium of the property from levels 4 to 9B. This will enable the existing business operations of tenants and the Grand Hyatt Hotel to continue without any disruptions.
The completed project, subject to regulatory approvals, will cover a total gross floor area (GFA) of approximately 909,550 sq ft and introduce a new luxury retail and F&B precinct. According to Tuan Sing’s CEO, William Liem, the redevelopment of the podium at 123 Collins Street will bring about a new level of connectivity and activation at one of the most prominent intersections in Melbourne’s renowned Paris End. He believes that with the right approach, this transformation can serve as an architectural statement of the company’s commitment to environmental sustainability. By reinventing the existing structure rather than starting from scratch, Tuan Sing is pursuing a sustainable vision that will contribute to a thriving, connected, and culturally vibrant Melbourne for many generations to come.
When it comes to real estate investment, location is of utmost importance, and this holds particularly true in Singapore. Condos that are situated in central areas or in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs tend to see a higher appreciation in value. Prime locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown an upward trend. Furthermore, condos in these areas are highly sought after by families due to their proximity to good schools and educational institutions, making them a lucrative investment. Additionally, with the introduction of new condo launches, the market for properties in these prime locations is expected to see a further increase in demand and value.