Steel tycoon You Zhenhua’s New Vision takes over 15 Enggor Street project
The hospitality development, operated by The Ascott, will be completed in Q4 2029
[SINGAPORE] Steel magnate You Zhenhua’s New Vision and The Ascott on Monday (Jan 26) broke ground for what will be the hospitality operator’s second property in Singapore’s central business district and its global flagship.
The 29-storey freehold mixed-use development houses 137 units, including 42 hotel rooms and 95 longer-stay serviced apartments, centred on lifestyle and wellness.
The property, Ascott Shenton Way Singapore, is New Vision’s first hospitality project in Singapore.
New Vision is a property investment company held by Hsteel, which is wholly owned by You. A Singapore citizen, You is the chairman and executive director of iron ore trader Prosperity Steel United, with a significant presence in China’s steel industry, and a controlling shareholder in SGX-listed steel solutions provider BRC Asia .
In December 2022, You acquired levels 28 and 29 of Springleaf Tower for about S$53.9 million or S$2,510 per square foot on a total strata area of 21,485 sq ft. Prosperity Steel United Singapore was understood to own at least three other floors in the building.
“When we first acquired (15 Enggor Street), it was for (the site’s) long-term value,” said Tong Yan, managing director of New Vision on Monday.
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But the company saw an opportunity in hospitality, driven by the government’s success in attracting major global events and urban renewal initiatives to make Singapore’s downtown more vibrant.
Tong added that since the property was meant for “long-term legacy purposes”, New Vision did not want to build something conventional and focus solely on profit. “We wanted to be proud of it. The honour of designing the building really matters to us.”
Ascott came into the picture early, helping to shape New Vision’s approach.
“They not only kept us grounded in the real world market, they also gave us great advice,” said Tong. “They helped us to focus on (wellness and sustainability).”
Asked about future partnerships with Ascott, Tong said: “Of course, I want to have more conversations with them about other opportunities, but we haven’t started talking about it yet… (for) now, we’re focusing on Ascott Shenton Way Singapore. ”
“After this project, we definitely see we can make a difference in the hospitality industry, so we are looking at (other) opportunities in South-east Asia,” she added. “Hospitality is not our main business, but for now, yes (it is our concentration).”
Series of acquisitions
The 15 Enggor Street site, which housed the former Realty Centre, was acquired in April 2019 by New Vision via a collective sale for S$148 million, about 10 per cent below the S$165 million reserve price. New Vision was then a joint venture between mainboard-listed The Place Holdings (TPH) and Sun Card, an entity linked to TPH executive chairman Ji Zenghe and its chief executive officer Fan Xianyong.
In March 2021, MCC Land acquired a 30 per cent equity stake to jointly develop the Anson precinct project.
In September 2023, New Vision issued 12 million new ordinary shares, or around 80 per cent of its enlarged share capital, to HSteel.
A bourse filing at the time cited rising construction and bank borrowing costs as one of the key reasons for TPH’s divestment. Instead of a full divestment, Hsteel injected an interest-free loan of S$128 million to fully repay the company’s bank loan.
TPH noted that the transaction gave it an opportunity to participate in the redevelopment’s potential upside alongside a “well-regarded and experienced” businessman.
This diluted TPH’s stake in New Vision to 10.2 per cent, from 51 per cent, and MCC Land’s stake to 6 per cent, from 30 per cent. Sun Card’s shares fell to 3.8 per cent, from 19 per cent, and Hsteel became the majority shareholder with 80 per cent.
In December 2025, TPH sold all its remaining shares to Hsteel for S$21.3 million, making Hsteel the sole owner of New Vision and the 15 Enggor Street property.
According to a bourse filing then, Hsteel’s investment was primarily driven by “asset diversification and long-term family wealth preservation”.
“After evaluating the market dynamics and regulatory constraints, (New Vision) adopted the business model of hospitality use, specifically serviced apartments and hotel rooms,” it said. “(This model) offered a more resilient strategy, supported by Singapore’s tourism rebound and strong demand from long-stay corporate travellers.”
The redevelopment is expected to be completed in Q4 2029, and turn cashflow positive in 2031.
TPH said that while New Vision laid “strong groundwork”, the redevelopment had a longer payback period compared to strata-sale developments and no longer met its investment objectives.
Proceeds from TPH’s divestment will allow the company to “re-allocate capital towards alternative strategic investments and working capital”.
“The proposed disposal (also aligns) with the group’s strategy to focus on its digital technology businesses... in Singapore and other territories,” said TPH.
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