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.