Stunning redevelopment looms for City Tattersalls Club
A consortium led by Singapore-listed First Sponsor has joined forces with ICD Property to redevelop the iconic City Tattersalls Club project in Sydney, signalling the group’s first Australian project.
Singaporean companies have a strong presence as both investors and developers in Australia, but have been relatively quiet on the residential development front after the apartment boom ended.
First Sponsor already operates in China, Holland and Germany and is capitalising on the recent council approval of ICD Property’s scheme for the City Tattersalls Club site that it undertaking with the club.
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The entire clubhouse will be overhauled to include new luxury shops, restaurants, and reception, alongside event and gym facilities.
The partners will also develop a 49-storey tower above the historic site comprising residential apartments and a high end hotel.
First Sponsor will provide an equity partnership together with its investor consortium and use its own experience in property development to partner with ICD Property and the club. The Singaporean company will be sole construction financier.
ICD Property already draws on alternative lenders, rather than traditional bank loans and its Aspire Melbourne tower was backed by financier MaxCap and global bank Goldman Sachs earlier this year.
ICD deputy managing director Sal Quah says the company chooses its partners based on the requirement of each project and is excited to bring such a prominent name to Australia.
First Sponsor Group chief executive Neo Teck Pheng says the company is honoured to have the opportunity to work with ICD Property and the club on such a unique development, with CBRE assisting on the deal.
The First Sponsor/ICD Property joint venture and the club are preparing to undergo a design competition process with the City of Sydney in 2020, where a prestigious line up of architects will vie for the club design.
This article originally appeared on www.theaustralian.com.au/property.