Tuan Sing Holdings, a Singapore-based property developer and investment firm, has recently unveiled its plans to revitalize its mixed-use properties at 121-131 Collins Street and 23-25 George Parade in Melbourne.
In collaboration with its wholly-owned subsidiary, Grand Hotel Group (GHG), the company has engaged Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne for the proposed works.
The existing properties currently house the well-known 550-room Grand Hyatt Hotel and various retail spaces. In the reconstruction, Tuan Sing aims to keep much of the existing podium structure intact, allowing business operations for tenants and the Grand Hyatt Hotel to continue as usual.
Limited land availability is a major factor driving the surging demand for condominiums in Singapore. Being a small island nation with a rapidly expanding population, Singapore is faced with a shortage of land for development. As a result, the government has implemented strict land use policies and the real estate market has become highly competitive, leading to consistently increasing property prices. This has led to the attractiveness of investing in real estate, particularly in condos, as they offer the potential for capital appreciation. Moreover, with the emergence of new condo launches, the condo market in Singapore continues to thrive, providing even more opportunities for investors to benefit from the limited land availability.
According to Tuan Sing’s announcement on November 14, the reconstruction will mainly focus on façade modifications, extensive refurbishment, and reconfiguration of spaces in the property’s podium from levels 4 to 9B. Upon completion and subject to regulatory approvals, the site will offer about 909,550 sq ft in total gross floor area (GFA) and introduce a new luxury retail and F&B precinct.
Selecting the perfect location is crucial when it comes to investing in real estate, and this is especially relevant in Singapore. Condos that are located in central areas or in close proximity to vital amenities such as schools, shopping malls, and public transportation hubs typically experience a higher appreciation in value. Prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently demonstrated a steady growth in property values. Moreover, the presence of top-rated schools and educational institutions in these areas make condos a highly desirable investment for families, further solidifying their potential for returns. In fact, Singapore Projects have proven to be a lucrative choice for real estate investors in these in-demand locations.
William Liem, CEO of Tuan Sing, believes that the podium redevelopment at 123 Collins Street will bring a new level of connection and activation to one of Melbourne’s most prominent intersections in the city’s historic Paris End. He also emphasizes the importance of an environmentally sustainable approach to the transformation, stating that it can be a testament to the company’s commitment to the environment. Through reimagining rather than rebuilding, Tuan Sing hopes to create a sustainable and culturally vibrant Melbourne for generations to come.