The partners will deliver a 224-key hospitality development at Tower 98 which will be operated by Habyt (Picture: JTC)
JTC has awarded the tender for a hotel and serviced residence development at Tower 98 in Punggol Digital District (PDD). In a March 18 release, JTC says the tender was awarded to Verdant View, a joint venture between Singapore real estate company JMD Holdings and Nicholas Yeo, the co-founder of real estate investment and management firm TCRE Partners.
The winning proposal will deliver a 224-key hospitality development on a direct 60-year lease. Flexible-living operator Habyt will manage the property, which will offer a mix of loft and studio units designed for both short and extended stays.
JTC had launched the tender for the site in August of 2025, following an earlier expression of interest exercise in 2024 that closed without award. Overlooking the Punggol waterfront and Coney Island, the hotel is integrated with Tower 98, a mixed-use tower within the 50ha PDD business park. JLL acted as the advisor to JTC for the tender process.
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According to Yeo, the “design-forward hotel” will emphasise wellness and sustainable spaces. Amenities will include an infinity pool, a co-working cafe and a laundrette.
Artist's impression of a studio loft at the hotel (Picture: Verdant View and Habyt)
JMD, TCRE Partners and Habyt are also partners for Owen House, a hotel property in Farrer Park. The 106-key property on Owen Road occupies the former Fortuna Hotel, which TCRE Partners and JMD purchased for $85.8 million in 2022. The freehold hotel was refurbished and subsequently reopened as Owen House in 2023.
Their latest venture will mark the first hotel in the PDD. In its release, JTC says the hotel will support learning and innovation in the district, with businesses and startups developing robotics and smart solutions able to partner with Habyt to testbed their technologies in the hotel. Habyt will also partner with the neighbouring Singapore Institute of Technology to provide hospitality internships and attachments.
“The award of the hotel to Verdant View is an important step in realising the vision of PDD,” says Nelson Liew, group director for new estates at JTC. “Business travellers, students and professionals will be able to check in for short or extended stays and immediately engage with the ecosystem within PDD.”