Hiap Hoe officially unveils Zhongshan Park mixed development

Property developer Hiap Hoe Limited officially added its latest integrated development Zhongshan Park to its portfolio of residential properties on Monday.

The listed firm said at the property's grand opening that the $300 million project in Balestier was fully operational. The project has a commercial, retail and hotel component.

Hiap Hoe's executive chairman and chief executive Teo Ho Beng said the office tower was fully leased, while the mall was over 90 per cent occupied.

"We are truly delighted with the strong performance that our first integrated development has achieved. Having been fully completed only in 2013, the development has already seen early ahcievements with high occupanices achieved at our hotels, retail mall and office tower," said Mr Teo at a media briefing.

The hotel component comprises the Ramada and Days Hotels that yield about 800 rooms, which are managed by the Wyndham Hotel Group. Hotel guests will have access to the new 50,000-sq-ft Zhongshan Mall, where anchor tenant FairPrice Finest takes up 27,000 sq ft of retail space.

Other tenants in the mall include lifestyle and dining outlets such as Guardian, BreadTalk and Crystal Jade Steamboat Restaurant.

Mr Teo added that he plans to replicate the firm's success with integrated developments overseas, after it made its maiden foreign acquisition in August. It snapped up three developments in Melbourne for a total of A$177.6 million.

He also said that he has plans to look for investment opportunities in London, US and New Zealand, as "the local market is becoming very tough."