Tuan Sing secures permit to redevelop flagship Melbourne property with Grand Hyatt hotel asset
The works are planned to commence in early 2026
[SINGAPORE] Tuan Sing is set to proceed with the redevelopment of its flagship property at 121 to 131 Collins Street in Melbourne, Australia, following the grant of a planning permit from the city council.
The real estate investment group on Wednesday (Dec 3) announced that it had received the official permit for the site, which houses the 550-room Grand Hyatt hotel and various retail spaces.
The approval follows the town planning application submitted by Grand Hotel Group, a wholly owned subsidiary of Tuan Sing, last November.
With the regulatory green light, the group intends to commence redevelopment works early next year.
The revamp will introduce a “luxury retail podium spanning over three levels and featuring flagship duplexes”.
A major portion of the plan also involves revitalising the property’s facade to enhance the streetscape and boost engagement.
Tuan Sing said in a press release: “Through adaptive reuse and sustainable design, the project aims to inject new energy into the precinct while ensuring ‘business as usual’ for the hotel and existing tenants throughout construction.”
William Liem, the group’s chief executive officer, noted that the project represents “re-imagining rather than rebuilding” and embraces an inherently sustainable path.
Redeveloping “one of the most iconic buildings in Melbourne into a high-value, mixed-use asset” will enhance the city’s urban landscape and deliver long-term returns for stakeholders, he added.
Tuan Sing plans to fund the project using a combination of bank financing and internal resources. Upon completion, the revitalised property is expected to command higher face rents, boost cash flow and obtain a stronger valuation, the company said.
Shares of Tuan Sing closed Wednesday at S$0.32, down S$0.005 or 1.5 per cent, before the announcement.
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