Tuan Sing secures permit for Melbourne CBD redevelopment
Tuan Sing Holdings Limited, through its subsidiary Grand Hotel Group, has secured a planning permit for redeveloping its property at 121-131 Collins Street, Melbourne. The project will transform the site into a retail podium and a world-class hotel, while maintaining operations for current tenants. Expected to start early next year, the redevelopment aims to increase asset valuation and long-term returns by commanding higher face rents.
Expected returns drive higher face rents and asset valuation
Tuan Sing Holdings Limited, through wholly owned subsidiary Grand Hotel Group, announced securing the official planning permit, allowing the redevelopment of its flagship property at 121-131 Collins Street in Melbourne to proceed.
The permit follows a town planning application submitted in November 2024 for a major mixed-use development. The property, which currently houses the Grand Hyatt Hotel and retail spaces, will be transformed into a retail podium spanning over three levels and a world-class hotel, according to the press release.
The project is set to commence redevelopment works early next year and is designed to allow continuous operations for the hotel and existing tenants throughout the construction process.
Upon completion, the asset is expected to command higher face rents enhancing long-term returns for stakeholders.
