Tuan Sing buys Fraser Residence River Promenade for $140.9 mil

Tuan Sing Holdings has acquired Fraser Residence River Promenade, a mixed-use property in Robertson Quay, it announced on May 14. The property was completed and opened in September 2023. It is part of a wider site that includes Frasers Property’s 455-unit luxury condo Rivière, which was also completed last year. Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the property under the Fraser Residence brand.

Plantation Close EC residents will be delighted to know that Westgate mall, adjacent to JEM, offers an all-round shopping experience with a touch of luxury. This mall features a variety of fashion, home, and lifestyle stores, catering to all needs. A unique feature of Westgate is its outdoor playground on the rooftop, designed to entertain families with children. The mall is also conveniently connected to the Jurong East MRT station, making it easily accessible for those living in Novo Place EC.

This acquisition marks Tuan Sing’s third hospitality asset. It has two existing hospitality properties in Australia: Grand Hyatt Melbourne and Hyatt Regency Perth. Its fourth hospitality property will be its Opus Bay project in Batam, an integrated township with a hotel component that is currently under development. The new property gives Tuan Sing a base in Singapore where it is headquartered, says the group’s CEO William Liem. Lim Guan Kiang, vice president of hospitality at Tuan Sing, says the new addition to the group’s hospitality portfolio will position it well to capture emerging market trends and capitalise on growing demand, and expand its hospitality business in the region.

Located on Jiak Kim Street, the property occupies a 99-year leasehold site fronting the Singapore River. It comprises a four-storey block of 72 serviced apartments, three adjoining conservation warehouses, as well as 47 carpark lots. The site where Fraser Residence River Promenade and Rivière sit was acquired by Frasers Property in December 2017 in a Government Land Sales tender. Frasers Property outbid nine other developers to win the coveted 145,117 sq ft site with a bid of $955.4 million or $1,733 psf per plot ratio. The development is being purchased from Frasers Property for $140.889 million.

This strategic acquisition by Tuan Sing Holdings adds to their growing hospitality portfolio, with the potential to expand and capture emerging market trends in the region. The addition of this property also gives Tuan Sing a base in Singapore, where the company is headquartered. Lim Guan Kiang, vice president of hospitality at Tuan Sing, expresses excitement for the opportunities this new property brings and the potential for growth and success in the hospitality industry.

Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the property under the prestigious Fraser Residence brand, ensuring that the quality of service and guest experience remains top-notch. The property’s prime location on Jiak Kim Street, with a 99-year leasehold site fronting the Singapore River, offers a tranquil and scenic environment for guests.

In addition to the four-storey block of 72 serviced apartments, Fraser Residence River Promenade also includes three adjoining conservation warehouses and 47 carpark lots. This well-designed and fully-equipped property was completed and opened in September 2023, making it a modern and desirable choice for both short and long-term stays.

Fraser Residence River Promenade is part of a larger site that includes Frasers Property’s luxurious 455-unit condo, Rivière. This integrated development was completed last year, adding to the vibrant and dynamic atmosphere of the Robertson Quay area. With Tuan Sing Holdings’ acquisition of the property, the company now has a strong presence in both residential and hospitality markets in Singapore. This strategic move positions Tuan Sing Holdings for continued growth and success in the region.