Tuan Sing Holdings, a leading property developer and investment firm listed in Singapore, has recently announced its plans to revamp its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne.
In order to carry out this project, Tuan Sing’s subsidiary, Grand Hotel Group (GHG), has engaged with Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne. The properties currently house the 550-room Grand Hyatt Hotel and various retail spaces.
According to Tuan Sing’s announcement on November 14, the reconstruction will involve retaining much of the existing podium structure to ensure business operations for tenants and the Grand Hyatt Hotel can continue without interruption. The focus of the works will be on façade modifications, extensive refurbishment and reconfiguration of spaces in the podium area from levels 4 to 9B.
Upon completion, subject to regulatory approvals, the site will offer a total gross floor area (GFA) of approximately 909,550 square feet and introduce a new luxury retail and F&B precinct.
William Liem, CEO of Tuan Sing, believes that this project will redefine the concept of connectedness and activation at one of Melbourne’s most prominent intersections in the Paris End. He also sees the potential for this transformation to make an architectural statement about the company’s commitment to environmental stewardship. Instead of completely rebuilding, the company aims to reimagine the existing structure in a sustainable manner that will support a thriving and culturally vibrant Melbourne for generations to come.
For those looking to invest in overseas properties, Tuan Sing offers a variety of projects available for sale around the world.
Rewritten:
The limited availability of land is a major factor contributing to the high demand for condos in Singapore. As a small island country experiencing rapid population growth, Singapore struggles with a scarcity of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, causing property prices to continuously rise. Thus, investing in real estate, especially condos, has become a profitable opportunity with the potential for significant capital appreciation. This is why condos have become increasingly sought after in Singapore.