Valley Point and Fraser Suites Singapore to be redeveloped into luxury mixed-use riverfront project
The 51:49 joint venture signals developer confidence in prime riverfront mixed-use demand and could introduce substantial new luxury residential and hospitality supply to District 10.
Frasers Property and Mitsubishi Estate will redevelop Valley Point and Fraser Suites Singapore into 407 luxury homes and a 184-unit serviced residence, launching in 2027.
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Frasers Property and Mitsubishi Estate will redevelop Valley Point and Fraser Suites Singapore on River Valley Road into a luxury 999-year mixed-use project along the Singapore River.
The two firms have formed a 51:49 joint venture to undertake the redevelopment, they announced in a Sept 30 joint release.
The new development will have around 407 luxury homes and sky villas, a new flagship 184-unit Fraser Suites serviced residence, as well as dining, retail and lifestyle offerings.
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The prime District 10 project is slated to launch for sale in 2027 and complete in 2031.
Both Valley Point and Fraser Suites Singapore are expected to cease operations on March 31, 2027.
Valley Point comprises a 20-storey office tower and a two-storey shopping centre, while Fraser Suites Singapore is a 255-key serviced residence.
The 13,439 sq m (144,656 sq ft) site has a maximum allowable gross floor area of 54,309 sq m (584,577 sq ft), and is zoned for commercial and residential use.
"We aim to create a distinctive riverfront destination with curated living, hospitality and lifestyle offerings," said Soon Su Lin, CEO of Frasers Property Singapore.
"We look forward to working, once again, with Mitsubishi Estate to launch this landmark project next year, building on our successful partnership on the Kallang Close government land sale site," she added.
A joint venture between the two companies in April clinched the Kallang Close land plot with the top bid of $610.75 million, or $1,415 psf per plot ratio. The 123,320 sq ft, 99-year leasehold site can yield about 470 homes.
Kato Shinya, managing director of Mitsubishi Estate Asia, described the Valley Point and Fraser Suites project as a "rare riverfront redevelopment opportunity" and said the partners will bring together their complementary strengths and shared vision for quality placemaking.
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In June, Frasers Property had said it may redevelop the site after restructuring some $2.1 billion of hospitality assets, which included consolidating full ownership of Fraser Suites Singapore.
The group on Sept 30 said the site "holds a unique place" in its heritage and the history of the River Valley area.
It was once home to Fraser & Neave's first aerated water canning facility in Southeast Asia. In 1998, it housed the first Frasers Hospitality serviced residence for extended stay.
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