What is the fine-grained topic of the following text: Said SPH chairman Tony Tan: 'This is an opportunistic project in view of the sustained recovery in the property market and our prior experience in redeveloping The Paragon, the prime shopping complex and office building in the heart of Orchard Road. Only return the topic.
SPH Chairman Tony Tan's statement on a new property project due to market recovery and past experience with The Paragon redevelopment.