The Hong Kong-listed conglomerate Shun Tak Holdings Ltd., founded by gambling billionaire Stanley Ho, has made its first foray into the Singapore property market. Shun Tak Real Estate (Singapore), a subsidiary of Shun Tak Holdings paid S$145 million (S$2,145 per square feet per plot ratio, including development charges) – one of the highest sums ever paid for a landed house – for 9 Cuscaden Road, a bungalow put up for sale by the descendants of famed philanthropist Tan Tock Seng. The site is flanked by The St. Regis Singapore and Four Seasons Hotel, and is located within a prestigious enclave about 200 meters off Orchard Road. The 25,741 square feet freehold site is zoned for hotel development and is the first hotel redevelopment site on sale in the Orchard area in more than a decade. However, the plot could also be used for residential development, subject to approvals.
HVS APAC HOSPITALITY NEWSLETTER.