JTC has awarded the tender for a hotel and serviced residence development in Punggol Digital District (PDD) to Verdant View, a joint venture between JMD Holdings and TCRE Partners co-founder Nicholas Yeo.
Yeo is the great-grandson of Yeo Keng Lian, who founded the Mainboard-listed food and beverage manufacturer Yeo Hiap Seng.
According to JTC, the tendered bid price was just over $43.5 million. The winning proposal will deliver a 224-key hospitality development in PDD’s Tower 98 on a direct 60-year lease, operated by Habyt, which operates flexible-living hotels, serviced apartments and residential properties.
Fit-out is expected to commence in May, with completion targeted for 1H2027.
Overlooking the waterfront and Coney Island, the property will offer a mix of loft and studio units designed for both short and extended stays, says JTC in a March 18 announcement.
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Shared spaces will include a wellness hub featuring an infinity pool with panoramic views, alongside a co-working cafe. A basement will combine a laundrette with an amenity space.
As the only hotel in the broader northeast corridor, the development will provide accessible accommodation for visiting researchers, partners and investors in PDD, while also offering new spaces for people in the district to relax and recharge.
As a key part of PDD’s ecosystem, the hotel will support learning and innovation in the district, says JTC. Businesses and start-ups developing robotics and smart solutions can partner with Habyt to test their technologies in the hotel through the Open Digital Platform.
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Habyt will also work with the Singapore Institute of Technology to provide structured hospitality internships and attachments, giving students hands-on experience in a real-world hospitality environment.
Artist’s impression of a studio loft
Nelson Liew, group director, new estates, JTC, says: “The award of the hotel to Verdant View is an important step in realising the vision of PDD. Business travellers, students and professionals will be able to check in for short or extended stays and immediately engage with the ecosystem within PDD. Alongside quality dining, retail and amenities within the district, we welcome those who are ready to add to the character and vibrancy of this community.”
Founded in 2009, JMD Group is a Singapore-based real estate developer and investor with over 18 million sq ft of projects and $3 billion in gross development value across Singapore and Malaysia.
TCRE Partners is a Singapore-based real estate investment and management firm with over $1 billion in assets under management.
Nicholas Yeo, director of Verdant View, says: “We are pleased to be awarded the PDD hotel development and to partner with JTC in the continued growth of Punggol Digital District as a vibrant ecosystem supporting Singapore’s future workforce and innovation economy. JMD Group and TCRE Partners, through Verdant View, look forward to creating a design-forward hotel amidst lush greenery and expansive sea views. Located where the frontiers of innovation meet the calm horizon, the hotel will emphasise wellness, with sustainable spaces woven into the landscape, while benefiting from direct connectivity via the North-East Line and Punggol Coast MRT [Station].”
The award comes as Singapore’s 2026 international arrivals are expected to reach between 17 to 18 million, bringing in approximately $31 billion to $32.5 billion in tourism receipts.
“Against this backdrop, demand for high-quality, adaptable accommodation options is increasing, especially in innovation-focused districts like Punggol. With limited comparable supply in the Northeast and new drivers of activity from digital economy initiatives, the hotel is well-positioned to capture diverse demand and support Singapore’s continued growth as a global hub for business and innovation,” says JTC.
JLL Hotels & Hospitality Group acted as exclusive adviser to JTC throughout the tender process.
Julien Naouri, executive vice president, investment sales, Asia Pacific, JLL Hotels & Hospitality Group, says: “As the first and only hotel in Punggol Digital District, the development responds to growing demand from business travellers, students, and professionals drawn to the precinct’s digital and creative economy.”
Habyt is a global operator of hotels, serviced apartments and residential properties focused on flexible accommodation. Founded in Berlin in 2017, the company manages approximately 30,000 units across more than 50 cities worldwide.
Habyt expanded its presence in Asia following its 2022 merger with Singapore-based flexible living platform Hmlet. Today, Habyt operates properties in Singapore and Hong Kong serving both long-stay residents and short-stay guests.
In April 2022, TCRE Partners and JMD Group purchased the former Fortuna Hotel at 2 Owen Road for $85.8 million. That November, the firms announced a partnership with Hmlet, unveiling in 2023 the operator’s maiden hotel property — the 106-room Owen House by Hmlet. That property is now called Owen House by Habyt.
At the unveiling of the first phase of PDD in late 2024, The Edge Singapore reported that City Developments (CDL) was keen on the hospitality development at 98 Punggol Way. This is the same 12-storey mixed-use tower that will house the 430,000 sq ft OCBC Punggol, which will occupy the fourth to 11th levels of the tower when fit-out works are completed in early 2027.
The hospitality development was first put up for tender in April 2024, with a requirement that the successful bidder hold the site for at least five years and retain the same operator for 10 years. That expression of interest exercise closed with no award.
JTC reopened the tender on Aug 22, 2025, changing the requirement such that the operator must remain unchanged for 10 years from the start of the lease. The tender closed on Oct 30, 2025.
Tower 98 in PDD
Photos: Verdant View and Habyt, JTC
Read more about Punggol Digital District:
- Punggol Digital District comes online (November 2024)
- UOB ‘making steady progress’ on upcoming fintech lab in SIT Punggol (September 2024)
- OCBC to invest some $500 mil in Punggol Digital District, sets up SIT learning lab (September 2024)
- EdgeProp: New business district and Cross Island Line punctuate development of North-East Region (August 2024)
- SIT launches mangrove conservatory with $680,000 donation from Foundation of Rotary Clubs Singapore (May 2024)
- JTC’s Punggol Digital District achieves BCA Green Mark Platinum; 17 buildings certified Green Mark Platinum (May 2024)
- UOB to invest over $500 mil to build new global technology and innovation centre in Punggol (May 2023)
- UOB to invest more than $500 mil into innovation centre within JTC's Punggol Digital District (April 2023)
