Tuan Sing Reconstruct Mixed Use Properties Collins Street Melbourne
Tuan Sing Holdings, a Singapore-based real estate developer and investment company, has announced plans to reconstruct its mixed-use properties located at 121-131 Collins Street and 23-25 George Parade in Melbourne.
The proposal from the consortium stood out with a remarkable offer of $1,360 per square foot per plot ratio (psf ppr), a notable 18% higher than the second-highest bid of $819.99 million (equivalent to $1,153 psf ppr) from Tanglin Land, a subsidiary of CapitaLand. This achievement holds great significance as it marks the first tender in Toa Payoh since the development of Gem Residences, a neighboring plot, eight years ago. For more information on the project, interested parties can visit The Orie Showflat.
In order to carry out the proposed works, Tuan Sing’s subsidiary Grand Hotel Group (GHG) has appointed Hong Kong-based urban design firm Urbis Ltd to submit a Town Planning Application to the City of Melbourne. The properties currently house the 550-room Grand Hyatt Hotel and various retail spaces.
Despite the reconstruction, much of the existing podium structure will be retained to ensure that business operations for tenants and the Grand Hyatt Hotel can continue as usual. The focus of the works will be on façade modifications, extensive refurbishment, and space reconfiguration in the property’s podium from levels 4 to 9B, as stated in Tuan Sing’s announcement on Nov 14.
Upon completion, which is subject to regulatory approvals, the site will encompass a total gross floor area (GFA) of approximately 909,550 sq ft and introduce a new luxury retail and F&B precinct. “The podium redevelopment at 123 Collins Street will redefine connectedness and activation at one of the most prominent intersections in Melbourne’s storied Paris End,” says William Liem, CEO of Tuan Sing.
Liem further adds that the transformation of the site will not only serve as an architectural statement of their environmental stewardship but also support a thriving, connected, and culturally vibrant Melbourne for generations to come. So if you’re looking to invest in overseas properties, be sure to explore the projects available for sale around the world.