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Tuan Sing buys Fraser Residence River Promenade for $140.9 mil

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

May 15, 2024 12:24 PM SGT

Fraser Residence River Promenade. (Photo: Frasers Hospitality)

Tuan Sing Holdings has acquired Fraser Residence River Promenade, a mixed-use property in Robertson Quay, it announced on May 14. The development is being purchased from Frasers Property for $140.889 million.

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 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.

Read also: Tuan Sing Holdings reports a 5% increase in FY2023 earnings to $4.8 mil

Frasers Property's hospitality arm, Frasers Hospitality, will continue to manage the property under the Fraser Residence brand.

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.

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

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