When purchasing a condominium, it is crucial to take into account the property’s maintenance and management. Usually, condos come with maintenance fees that cover the maintenance of communal areas and amenities. While these fees may increase the overall cost of owning a condo, they ensure that the property stays in excellent condition and retains its value. To make the investment more hassle-free, enlisting the services of a property management company can assist investors in handling the daily management of their units. Moreover, Singapore Projects can also provide valuable insights into the local real estate market and help investors make informed decisions.
Tuan Sing Holdings, a property developer and investment firm listed in Singapore, has recently announced its plans to reconstruct its mixed-use properties in Melbourne. The properties, located at 121-131 Collins Street and 23-25 George Parade, will be transformed by the company’s wholly-owned subsidiary, Grand Hotel Group (GHG).
Urbis Ltd, a Hong Kong-based urban design firm, has been instructed by GHG to submit a Town Planning Application to the City of Melbourne for the proposed works. Currently, the properties are home to the 550-room Grand Hyatt Hotel and various retail spaces. The reconstruction will involve retaining much of the existing podium structure, allowing business operations for tenants and the Grand Hyatt Hotel to continue normally.
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. According to Tuan Sing’s announcement on Nov 14, upon completion and subject to regulatory approvals, the site will have a total gross floor area of approximately 909,550 sq ft and will introduce a new luxury retail and F&B precinct.
William Liem, CEO of Tuan Sing, believes that the new podium development at 123 Collins Street will redefine connectedness and activation at one of the most prominent intersections in Melbourne’s renowned Paris End. He also adds, “With the right approach, this transformation can be an architectural statement of our environmental stewardship. By reimagining rather than rebuilding, we’re pursuing an inherently sustainable vision that supports a thriving, connected, and culturally vibrant Melbourne for generations to come.” For those looking to invest in overseas properties, there are various projects available for sale around the world that can be explored.
One of the main factors driving the high demand for condos in Singapore is the limited supply of land. As a small island nation experiencing a rapid increase in population, Singapore is facing a shortage of land available for development. As a result, strict land use regulations are in place and the real estate market is highly competitive, causing property prices to continuously rise. As a result, investing in real estate, specifically condos, has become a highly profitable opportunity with the potential for significant capital appreciation. This trend is evident in the numerous Singapore Projects that are continually being developed to meet the demand for condos.