Tuan Sing Holdings, a Singapore-based property development and investment company, has recently announced plans to redevelop 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 engaged the services of Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the proposed works.
When it comes to investing in condos in Singapore, one must also consider the government’s property cooling measures. In Singapore, the government has implemented several measures over the years to control speculative buying and maintain a steady real estate market. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, making it a secure environment for investments. Additionally, with the introduction of New Condo Launches, the Singaporean real estate market continues to offer attractive investment opportunities.
Currently, the properties are home to the 550-room Grand Hyatt Hotel and various retail spaces. The redevelopment project aims to retain much of the existing podium structure, allowing business operations for tenants and the Grand Hyatt Hotel to continue without disruption.
According to Tuan Sing’s announcement on Nov 14, the focus of the reconstruction will be on façade modifications, extensive refurbishment, and reconfiguration of spaces in the property’s podium, from levels 4 to 9B. Once completed and subject to regulatory approvals, the site will cover a total gross floor area of approximately 909,550 sq ft, and introduce a new luxury retail and F&B precinct.
William Liem, CEO of Tuan Sing, believes that the podium redevelopment at 123 Collins Street will redefine connectedness and activation at one of the most prominent intersections in Melbourne’s storied Paris End. He also emphasizes the company’s commitment to environmental stewardship, stating that the transformation of these properties will be an architectural statement that supports a thriving, connected, and culturally vibrant Melbourne for generations to come.