Punggol Digital District hotel site awarded for S$43.5 million to entity linked to Yeo Hiap Seng family scion

[SINGAPORE] JTC has awarded the tender for its hospitality development in Punggol Digital District (PDD) to Verdant View, an entity linked to the great-grandson of Yeo Hiap Seng’s founder, for S$43.5 million.

Verdant View is a joint venture between JMD Holdings and TCRE Partners co-founder Nicholas Yeo.

The project will feature a 224-key hotel and serviced residence development in PDD’s Tower 98 on a direct 60-year lease. It will be operated by Habyt, which operates flexible-living hotels, serviced apartments and residential properties.

The fit-out is expected to commence in May, with completion targeted for the first half of 2027.

The property comprises a mix of loft and studio units for both short and extended stays, said JTC on Wednesday (Mar 18). Shared spaces include a wellness hub, co-working cafe, and basement with a launderette and an amenity space.

Businesses and startups developing robotics and smart solutions can collaborate with Habyt to pilot their technologies in the hotel via its open digital platform. Habyt will also partner the Singapore Institute of Technology (SIT) to offer structured hospitality internships and attachment opportunities for students.

Occupying an 8,140‑square‑metre site, the property forms part of a mixed-use tower within a 50-hectare (ha) business park taking shape in Punggol. In the earlier tender exercise, bidders were required to hold the site for at least five years and retain the same operator for 10 years.

After an April 2024 expression-of-interest exercise yielded no award, JTC revised the conditions based on market feedback, requiring only that the operator remain unchanged for 10 years from the lease commencement date. The tender was reopened in August 2025.

Founded in 2009, JMD Group is a Singapore-based real estate developer and investor with more than 18 million square feet of projects and S$3 billion in gross development value across Singapore and Malaysia.

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TCRE Partners, a real estate investment and asset management outfit, was co-founded by Nicholas Yeo in 2017. He is the great-grandson of Yeo Keng Lian, who founded food and drinks maker Yeo Hiap Seng.

Hospitality gains traction

Julien Naouri, executive vice-president of investment sales, Asia-Pacific, JLL Hotels & Hospitality, said: “As the first and only hotel in PDD, the development responds to growing demand from business travellers, students and professionals drawn to the precinct’s digital and creative economy.”

JLL Hotels & Hospitality Group was the exclusive adviser to JTC.

The tender award comes as Singapore’s hospitality sector gains momentum, supported by strong fundamentals and rising international arrivals. International arrivals are expected to reach between 17 million and 18 million in 2026, which could rake in about S$31 billion to S$32.5 billion in tourism receipts.

“With limited comparable supply in the north-east and new drivers of activity from digital economy initiatives, the hotel is well-positioned to capture diverse demand and support Singapore’s continued growth as a global hub for business and innovation,” said JTC.

The building was completed and received its Temporary Occupation Permit in June 2025.

Tenants moving into the 50-ha business park include OCBC and UOB. Retail tenants include FairPrice Finest, Starbucks and Din Tai Fung. In August 2025, Panasonic announced the opening of its first innovation hub in South-east Asia in PDD.

SIT officially opened its new Punggol campus in September 2025. The Government Technology Agency of Singapore moved into PDD in February 2026. Catholic Junior College will also relocate to a new campus near PDD, with operations tentatively targeted to start in 2034.