Tuan Sing takes ownership of Fraser Residence River Promenade

Felicia Tan
1-min read

Shares in Tuan Sing closed 0.5 cents higher or 2.27% up at 22.5 cents on July 23.

Tuan Sing Holdings 5ic has taken ownership of Fraser Residence River Promenade, the mixed-use property at Jiak Kim Street.

Tuan Sing purchased the development from Frasers Property Tq5 for $140.89 million in May. The acquisition is said to be part of the group’s strategy to expand its hospitality business in Singapore and the region.

The development, located at Robertson Quay, comprises a four-storey block of 72 serviced apartments, three conservation warehouses and 47 car park lots. It will continue to be managed by Frasers Hospitality.

The latest addition complements the group’s existing hospitality assets in Australia, the Grand Hyatt Melbourne and Hyatt Regency Perth. The latter will no longer be managed by Hyatt after Aug 31. The hotel will be re-positioned and rebranded after the termination of the management agreements with Hyatt.

The group’s hospitality business will also be expanded once its Opus Bay project in Batam is completed. Opus Bay is an integrated township that’s currently under development.

Shares in Tuan Sing closed 0.5 cents higher or 2.27% up at 22.5 cents on July 23.

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