Singapore-listed investment holding company First Sponsor has signed on for the redevelopment of the Tattersalls Club in Sydney.

The group will team up with ICD Property for the project following landmark decision by the City of Sydney on November 14, whereby the council’s Central Sydney Planning Committee granted envelope approval for the Stage 1 Concept Development Application of the site, which is being developed in partnership with the almost 125-year old club.

First Sponsor primarily operates across three key business segments, namely property development, property holding and property financing and holds investments primarily across China, the Netherlands and Germany.

The company has been brought on to the Tattersalls project to provide equity partnership alongside its investor consortium, and to also act as the sole construction financier.

ICD Deputy Managing Director Sal Quah said the company chose its partners based on the requirement of each project and was excited to bring such a prominent name to Australia.

“Receiving support from such a significant property player in China and the Netherlands is a testament to our vision for the City Tattersalls Club redevelopment and we look forward to working alongside First Sponsor, and the club itself," he said.

“In addition, receiving construction funding from First Sponsor will allow for a more efficient and streamlined process with works on the City Tattersalls Club earmarked to commence following Stage 2 approval."

The approval allows for plans to rejuvenate the entire clubhouse, including retail, restaurants, a combined hotel and club reception on the ground level, as well as an event space, premium co-working centre, health and wellbeing facilities and other great member facilities.

There are also plans to develop a 49-storey tower above the historic site comprising residential apartments and a high-end hotel (plus ancillary facilities).

First Sponsor’s Group CEO Neo Teck Pheng said the company was "looking forward to more opportunities" with its Australian partners.

“First Sponsor is excited and honoured to have the opportunity to work with ICD Property and the City Tattersalls Club on such a unique development in the heart of Sydney," he said.

The City Tattersalls project was brokered by CBRE Director of Debt and Structured Finance, Bradley Duff, who said the alignment of values between Asian investors and Australian companies could unlock not only key landmark sites like City Tattersalls, but other development projects in Australia.

“It is important to find the right investors for each project," he said.

"In Australia we have the unique opportunity to work closely with our nearby Asian partners who possess a growing appetite to find quality developers and partners like ICD and City Tattersalls Club."

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