JTC awards Punggol Digital District hotel site to Verdant View

SINGAPORE, 18 March 2026 – JTC has awarded the tender for a hotel and serviced residence development at Tower 98 in Punggol Digital District (PDD) to Verdant View Pte Ltd, a joint venture between JMD Holdings Pte Ltd and TCRE Partners co-founder Nicholas Yeo. JLL Hotels & Hospitality Group acted as exclusive advisor to JTC throughout the tender process.

The winning proposal will deliver a 224-key hospitality development on a direct 60-year lease, operated by Habyt, a global operator of flexible-living hotels, serviced apartments, and residential properties. 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.

Overlooking the waterfront and Coney Island, the property will offer a mix of loft and studio units designed for both short and extended stays. Shared spaces will include a wellness hub featuring an infinity pool with panoramic views, alongside a co-working café designed for collaboration, community, and respite. A “Wash & Play” basement will combine a laundrette with a casual, family-friendly amenity space. Fit-out is expected to commence in May 2026, with completion targeted for the first half of 2027.

As a key part of PDD’s ecosystem, the hotel will support learning and innovation in the district. Businesses and startups developing robotics and smart solutions can partner with Habyt to testbed their technologies in the hotel through the Open Digital Platform. 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.

Map showing the location of the hotel and serviced residence development at Tower 98 in Punggol Digital District (Credit: JTC)

Nelson Liew, Group Director, New Estates, JTC, said, “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.”

Nicholas Yeo, Director, Verdant View Pte Ltd., said, “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.”

Julien Naouri, Executive Vice President, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group, said, “This project highlights how integrated innovation districts are transforming Singapore’s hospitality scene. 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. The strong investor response to this opportunity underscores confidence in long-tenure, flexible assets and the region’s next phase of urban and economic transformation. This hotel will be instrumental in shaping the lifestyle and ecosystem of the northeast, raising the benchmark for accommodation quality and choice in the region.”

The award comes as Singapore’s hospitality sector continues to show momentum, driven by strong fundamentals and rising international arrivals. 2026 international arrivals are expected to reach between 17 to 18 million, bringing in approximately S$31.0 to 32.5 billion in tourism receipts¹. 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.

¹ Data from the Singapore Tourism Board

JTC is a government agency under Singapore’s Ministry of Trade and Industry. We master plan, develop and manage sustainable, green, and smart industrial estates such as one-north, Seletar Aerospace Park, Jurong Innovation District, and Punggol Digital District. Our estates attract new investment and foster collaborative ecosystems that strengthen Singapore’s position as an advanced manufacturing hub. We also drive innovation in the Built Environment sector by piloting new construction technologies. For more information on JTC, visit www.jtc.gov.sg.

Verdant View Pte Ltd is a joint venture between JMD Group and Nicholas Yeo, co-founder of TCRE Partners. Founded in 2009, JMD Group is a Singapore-based real estate developer and investor with over 18 million square feet of projects and S$3 billion in gross development value across Singapore and Malaysia. TCRE Partners is a Singapore-based real estate investment and management firm with over S$1 billion in assets under management.

Habyt is a global operator of hotels, serviced apartments and residential properties focused on flexible accommodation that redefines urban living. 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, the pioneering co-living and select-service hospitality brand. Today, Habyt operates properties in Singapore and Hong Kong serving both long-stay residents and short-stay guests.