Tuan Sing (SGX:T24) through its subsidiary, Grand Hotel Group, received a town planning permit for the redevelopment of its flagship property in Melbourne Central Business District in Australia, according to an after-market filing with the Singapore Exchange on Wednesday.
Following the approval, the developer will now look to transform the property at 121-131 Collins Street in Melbourne into a "destination for luxury brands" and a hotel.
The project will be funded through bank financing and internal resources, the filing added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments