SINGAPORE (EDGEPROP) - Tuan Sing Holdings has announced the completion of its acquisition of Fraser Residence River Promenade. The group previously announced its $140.889 million acquisition of the mixed-use property at Jiak Kim Street from Frasers Property in May.

The asset consists of a four-storey block of 72 serviced apartments, three adjoining conservation warehouses, as well as 47 carpark lots. The new property was completed and opened in September 2023.

It is part of a mixed-use development that includes Frasers Property’s 455-unit luxury condo Rivière, which was also completed last year. Tuan Sing’s acquisition does not include Rivière.

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Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the serviced apartments. But the serviced apartments add to Tuan Sing’s hospitality portfolio, which includes the Grand Hyatt Melbourne and Hyatt Regency Perth in Australia.

The group plans to reposition and rebrand Hyatt Regency Perth. This follows a mutually agreed termination of the management agreements with global hospitality company Hyatt, which was announced on July 1. The termination will incur about $2 million in costs for Tuan Sing, but is not expected to lower the group’s net tangible assets.