Tuan Sing Holdings unit acquires Fraser Residence River Promenade for $140.9m

Frasers Property Limited expects to complete the divestment by 31 March 2025.

Frasers Property Limited has divested Fraser Residence River Promenade to Heliconia Land for $140.899m.

Heliconia Land is a wholly-owned subsidiary of Tuan Sing Holdings.

In a bourse filing, Tuan Sing Holdings said the acquisition of the newly-completed mixed-use property complements its two existing hospitality assets in Australia, Grand Hyatt Melbourne and Hyatt Regency Perth.

“This new property will give us a base in Singapore, where we are headquartered and a key gateway city and world-class destination for business and leisure, to expand our hospitality business,” said William Liem, Group CEO of Tuan Sing.

In a separate bourse filing, Frasers Property Limited said it received an option fee of 10% of the price consideration.

Heliconia Land will pay the balance of the price consideration in instalments “upon the occurrence of certain milestones until completion of the proposed divestment.”

Frasers Property Limited expects to complete the divestment by 31 March 2025.

Located in the Rivière integrated precinct, Fraser Residence River Promenade features a four-storey block with 72 serviced apartments, three conservation warehouses, and 47 car park lots.