Daniel Long (left) and Terrance Tan, co-founders, managing partners, and equal shareholders of Providence Capital Management, stand at the forefront of an innovative redevelopment project poised to redefine urban industrial spaces in Singapore.
In mid-2025, these visionary leaders acquired the former City Industrial Building at 71 Tannery Lane—a prized freehold industrial asset nestled within the maturing MacPherson-Mattar-Aljunied estate. This strategic purchase marks a pivotal moment for Providence Capital Management, as they embark on transforming this ageing structure into Generations @ Tannery, a groundbreaking industrial development that embodies evolving trends in space utilization, blending functionality with community vitality.
Providence Capital’s foresight recognizes the precinct’s potential for subtle yet profound evolution. This transformation is fueled not only by demographic shifts—such as younger professionals and families gravitating toward city-fringe areas—but also by a wave of industrial rejuvenation. Ageing factories are giving way to modern, adaptable spaces that cater to the demands of a post-pandemic economy, where flexibility, aesthetics, and social connectivity are paramount.
Originally constructed in 1976, the 11-storey flatted-factory occupies a generous 33,948 sq ft freehold site with a plot ratio of 5.14, enabling a potential gross floor area exceeding 174,000 sq ft. This asset represented City Developments Limited’s (CDL) final legacy industrial holding, offloaded as part of an ambitious capital recycling initiative. In the preceding year, CDL unlocked approximately $2 billion through high-profile divestments, including its 50.1% stake in iconic developments like South Beach, Piccadilly Galleria, and Quayside Isle—moves that exemplified a broader strategy to refocus on core residential and commercial growth areas.
Seasoned Developers with a Global Track Record
Daniel Long and Terrance Tan bring a wealth of experience to the table, though Generations @ Tannery represents their first direct-fronted venture in Singapore. Their portfolio boasts an impressive array of freehold light industrial assets, including CT FoodChain, CT Hub, and CT Hub 2, alongside residential developments and meticulously restored conservation shophouses. Collectively, these investments have generated a gross development value nearing $2 billion, underscoring their prowess in identifying and maximizing value in diverse real estate segments.
Their international acumen shines through a landmark 2017 transaction: a reverse takeover of Changjian Fertilizer Holdings, rebranded as Olive Tree Estates. This entity emerged as a dedicated developer and investor in Vietnam’s affordable housing sector, emphasizing community-centric designs that foster long-term social impact.
Collaborations extended to National Housing Organization (NHO), Vietnam’s preeminent affordable housing developer backed by Korean capital. Since 2012, NHO has delivered over 10,000 homes across eight provinces, from the scenic Ha Long Bay and vibrant Da Nang to bustling Ho Chi Minh City. Notable co-investments include The Dragon Castle—a sleek, contemporary Korean-inspired residential haven in Ha Long Bay—and Diamond City, a dynamic mixed-use project in An Giang province, both exemplifying sustainable, inclusive urban living (Artist’s Impressions: Providence Capital Management).
The Dragon Castle, a contemporary Korean-style residential complex developed by Korean-backed affordable and social housing developer National Housing Organization (NHO) in Ha Long Bay, Vietnam, is one of the projects which the partners of Providence Capital Management co-invested in (Artist’s Impression: Providence Capital Management).
Diamond City in An Giang province, Vietnam, a mixed-use residential project developed by NHO, where Providence Capital co-invested in (Artist’s Impression: Providence Capital Management).
For several years prior, the duo had steered clear of Singapore’s market, deterred by soaring valuations, scarce opportunities, and diminishing yields. However, mid-2025’s acquisition of the City Industrial Building signaled a calculated re-entry, capitalizing on a rare freehold gem amid tightening supply.
Inspiration from Melbourne’s Vibrant Urban Oases
Post-acquisition, Daniel Long jetted off to Australia seeking design epiphanies. Strolling Melbourne’s iconic Southbank along the Yarra River, he stumbled upon an understated industrial edifice emblazoned with the Planetshakers sign. Intrigued, he explored further, discovering Café Ciel—a sprawling, inviting café on the ground floor. “I lingered there for hours, absorbing the atmosphere,” Long shares. “It exuded warmth: exceptional coffee, delectable cuisine, communal seating, and even photogenic nooks that drew people in effortlessly.”
The barista revealed the café’s ethos: a nurturing hub where faith, fellowship, and flavors intertwined. Planetshakers Church dominates the 9,000+ sq m (97,000 sq ft) office-warehouse, housing its headquarters, an auditorium, and a school—a seamless fusion of purpose and placemaking.
The Cafe Ciel that Daniel Long visited while in Melbourne (Photo: Google Maps/Fizah Zulaiman).
This epiphany crystallized Long’s blueprint for Generations @ Tannery: a “beachhead” anchoring community life. Central to this is the ground-level deployment of five canteen units—flexible for independent operators or unified into a multifaceted F&B precinct. “Our goal is accessibility and allure,” Long emphasizes. “Draw visitors downstairs, and curiosity will lead them upward.”
Redefining Industrial Aesthetics and Functionality
Rejecting cookie-cutter industrial tropes, Providence Capital aimed for distinction. “It must shine as a neighborhood beacon, forging bonds with adjacent residences,” Long asserts.
Architectural maestro Julian Chia, director and co-founder of Kyoob Architects, crafted a B1 strata-titled marvel. The façade boasts curtain walls and vertical fins for dimensional allure, mimicking premium Grade A offices. This $8 million enhancement boosts visibility, market desirability, and enduring value, per Chia.
Dual lobbies on levels one and two feature Grade A office-caliber driveways and drop-offs, optimizing flow and safety. Ramps access the first five storeys. The lobby triples standard sizes for a majestic welcome, with five 33-person lifts, four wide (2m) staircases—twice the norm—and enhanced circulation.
Premium, Versatile Units for Modern Occupiers
Comprising 54 units (plus five canteens), the development prioritizes lofty ceilings, abundant daylight via full-height glazing, and en suite toilets—rarities in industrial norms. Ten dual-key configurations include dual toilets for live-work leasing, with select private lift access.
“These luxuries demand premium investment, deterring many,” Chia notes. Tan concurs: elevated psf costs and a 4% GFA sacrifice for amenities underscore long-term vision over quick profits.
A Legacy Beyond Bricks: Generations @ Tannery’s Ethos
The moniker evokes freehold perpetuity and intergenerational business legacies, Long explains. Targeting B1 users like AI innovators, tech firms, and light manufacturers, it courts community-aligned tenants: social enterprises, NGOs. Pre-launch interest from a faith organization for significant space signals traction.
Thriving in a Revitalized Locale
Sammi Lim of Brilliance Capital (co-agent with AlpsEdge, ERA, Huttons Asia, PropNex) predicts appeal to e-commerce, light manufacturing, creatives, and offices. “Lifestyle businesses crave beauty and connectivity,” she says.
Mattar MRT catalyzes residential influx: October 2024’s Merpati Alcove BTO (1Q2029 completion), plus The Antares and Mattar Residences.
ERA’s Marcus Chu highlights BTO surges: 10,000-12,000 in Bidadari, 1,000-2,000 in Circuit Road-MacPherson, 2,000-3,000 in Dakota—fostering live-work synergy. URA’s intensification repurposes old factories into co-working, lifestyle hubs.
PropNex’s Kelvin Fong emphasizes freehold scarcity, no ABSD, 90% LTV for companies. Huttons’ Lee Sze Teck notes 46% psf rise since 2020 vs. 26.7% leasehold.
JTC data: 1Q2026 multi-user prices +1.7% qoq (18th quarter), rentals +0.5% (22nd), occupancy 90.2%. “Quality flight sustains demand,” Fong says.
Chu contrasts steady industrials with volatile oil amid geopolitics.
Momentum in Strata Launches
March’s Gourmet Xchange (Kallang Way) blends new factory with heritage reuse, adding green spaces, riverside walks, F&B vibrancy.
AlpsEdge’s Tan Hong Boon hails nearby CT-Gold @ MacPherson (ex-MacPherson Industrial Complex) as 2026’s sole freehold B1 pipeline. CT Pemimpin (Marymount MRT) sold out swiftly in March 2025.
City-fringe freeholds: $1,480-$1,660 psf; Lorong Ampas Space 18: $1,480-$2,000 (median $1,530); Aljunied-Mattar-MacPherson: $1,400-$2,100.
Bright Horizons Ahead
Lim sees SMEs, e-commerce, tech driving demand for image, access, layouts. “Positive outlook: structural demand meets freehold high-spec scarcity.”