Tuan Sing will now redevelop its Collins Street Property into a premier destination for luxury brands and a hotel in what is considered one of the most vibrant parts of Melbourne’s Central Business District.
The property currently houses the 550-room Grand Hyatt Hotel along with various retail spaces.
Tuan Sing will fund the project through a blend of bank financing and internal resources. Once complete, the revitalised property is expected to command higher face rents, boost cashflow and achieve a stronger valuation.
Shares in Tuan Sing closed 0.5 cents lower or 1.538% down at 32 cents on Dec 3.
