Singapore-listed Tuan Sing Holdings, a property development and investment company, has acquired a 7.8% stake in Sanya Summer Real Estate (SSRE), a Hainan-based property development company, for RMB 75 million ($15 million). The incumbent stakeholder of SSRE is Hainan Summer Property Development, a property developer and operator of two retail malls in Hainan, China.
The project will comprise commercial, residential, hotel and retail elements, and will have a total leasable area of about 2.6 million sq ft (Pictures: Tuan Sing Holdings)
SSRE plans to develop a mixed use development on a 622,573 sq ft plot of land in Hainan Island. The new development will comprise commercial, residential, hotel, and retail components, and will have a leasable area of about 2.6 million sq ft. The development will be connected via a retail podium and will link the hotel, apartments, event hall, cinema, playground, and sky garden. The development will have an integrated long-distance bus interchange hub and basement carpark, and will also be connected to the adjacent Sanya High-Speed Railway Station.
The project will have a development cost of about RMB 1.6 billion and a gross development value of RMB 5 billion. It is expected to be completed by the end of 2021.
The integrated development will connect to the Sanya High-Speed Railway Station and a proposed bus interchange will serve major routes around Hainan Island.
The investment is a step forward in Tuan Sing’s strategic vision to “transform the Group from niche developer to a major regional player with a presence in commercial, residential and hospitality properties in various key Asian cities across Singapore, China, Indonesia and Australia,” says Mr William Liem, CEO of Tuan Sing Holdings. “We will continue to identify suitable opportunities to grow our portfolio of strategically located assets, and explore meaningful partnerships and collaborations”.