Tuan Sing Holdings was granted an approval of its permit to redevelop flagship property in the City of Melbourne on Dec 3, by the Melbourne City Council.
The company, through its wholly-owned subsidiary Grand Hotel Group, submitted a planning application for the property last November.
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.
