Tuan Sing Holdings 5IC , through several of its indirect wholly-owned subsidiaries, has announced its proposed acquisition of six assets from PT Senimba Bay Resort. 

 

These assets include land located at Jalan Raya Marina City in Indonesia and a two storey Teluk Senimba Ferry Terminal, four hectares of land located adjacent to the ferry terminal, 2.8 hectares of land located at Ocean Park Residential Estate, six units of shophouses located at Marina City shophouse complex, and 15.65% of shares in PT Hean Yi Marina Perkasa. 

 

The purchase consideration for all six assets stood at $28 million, or approximately IDR330,640 million.

 

According to the group, the proposed acquisition of the ferry terminal and surrounding land will allow Tuan Sing to benefit from potential growth opportunities in Batam. The acquisitions are also part of the group&rsquo s strategy to manage risk and land restrictions, and also expand its existing scale and capacity, adds Tuan Sing. 

 

On a pro forma basis, had the acquisitions been completed on Dec 31, 2023, the net tangible asset (NTA) of the group for FY2023 would remain unchanged at $1.2 billion, while NTA per share would have stood unchanged at 98.7 cents. 

 

Had the acquisitions been completed on Jan 1, 2023, the group&rsquo s earnings for FY2023 would have stood at $4.5 million, instead of $4.8 million. Earnings per share would have stood at 0.36 cents, instead of 0.39 cents. 

The resultant site will span about 84,500 square metres in gross floor area

 

TUAN Sing has submitted a town planning application for a major mixed-use development of its properties at 121 to 131 Collins Street, and 23 to 25 George Parade, in Melbourne, Australia.

 

This was done through Tuan Sing&rsquo s wholly owned subsidiary Grand Hotel Group (GHG), which instructed Hong Kong-based architect Urbis to submit the plan, announced the real estate group on Thursday (Nov 14).

 

The property currently houses Tuan Sing&rsquo s 550-room Grand Hyatt Hotel alongside various retail spaces.

 

Its podium from levels four to 9B will be revitalised into a &ldquo dynamic luxury retail and food and beverage precinct&rdquo through a complete transformation of the facade, which Tuan Sing said is designed to &ldquo enhance the streetscape and increase engagement&rdquo along Collins Street.

 

Overall, the redevelopment project comes with the aim to &ldquo redefine the landmark location in Melbourne (by) infusing it with modern, luxury amenities, while preserving its historic character&rdquo .

 

As GHG&rsquo s proposed redevelopment aims to retain much of the existing podium&rsquo s structure, Tuan Sing said business operations for the property&rsquo s tenants, as well as Grand Hyatt, are expected to continue as usual.

 

Instead, the renovation will focus on &ldquo sustainable adaptive reuse&rdquo , such as modifications to the facade, space reconfiguration and refurbishment.

 

The resultant site will span about 84,500 square metres in gross floor area.

 

Tuan Sing chief executive officer William Liem said the project is envisioned to &ldquo set a new benchmark for adaptive reuse in Melbourne&rdquo , and &ldquo extend the life of an iconic building, while enriching the public realm through thoughtful design and sustainability&rdquo .

 

&ldquo With the right approach, this transformation can be an architectural statement of our environmental stewardship. By reimagining rather than rebuilding, we&rsquo re pursuing an inherently sustainable vision that supports a thriving, connected and culturally vibrant Melbourne for generations to come,&rdquo he added.