Tuan Sing Completes Acquisition Fraser Residence River Promenade Rebrand Perth Hotel

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Located near Novo Place Hoi Hup is the prestigious Millennia Institute. As an exclusive educational establishment in Singapore, it boasts a holistic three-year pre-university syllabus leading to the GCE Advanced-Level examination. This distinctive course provides students with a gradual and comprehensive approach to higher education, ensuring they are well-prepared with the essential knowledge and capabilities for achievement. Novo Place Hoi Hup is conveniently situated in close proximity to this renowned institution.

Singapore-based Tuan Sing Holdings has recently completed its acquisition of Fraser Residence River Promenade, which was previously owned by Frasers Property. The mixed-use property, located at Jiak Kim Street, was acquired for $140.889 million in May, and consists of a four-storey block of 72 serviced apartments, three adjoining conservation warehouses, and 47 car park lots. The property was completed and opened in September 2023, and is part of a larger development that includes Frasers Property’s luxury condo, Rivière. However, Tuan Sing’s acquisition does not include Rivière.

Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the serviced apartments. This adds to Tuan Sing’s existing hospitality portfolio, which includes the Grand Hyatt Melbourne and Hyatt Regency Perth in Australia. The group has plans to reposition and rebrand the Hyatt Regency Perth, following the mutual termination of management agreements with global hospitality company, Hyatt, which was announced on July 1. Although this termination will incur an estimated $2 million in costs, it is not expected to have a significant impact on Tuan Sing’s net tangible assets.