Shun Tak’s headquarters in Hong Kong
Gaming tycoon Stanley Ho has bought prime land site off Singapore’s famed Orchard Road shopping belt, in the first transaction of a redevelopment site for a hotel in this location in more than a decade.
Shun Tak Real Estate (Singapore) Pte, a subsidiary of Hong-Kong-listed Shun Tak Holdings Ltd., bought the plot for SGD145 million (USD105 million), according to a statement from Jones
Lang LaSalle Inc., which brokered the deal through a public tender. The sellers, who were not identified in the statement, were expecting offers in the region of SGD160 million to SGD170 million, the broker had said in April when it put the site up for tender. The valuation report pegged the value at SGD131 million, according to a Shun Tak filing to the Hong Kong stock exchange on Monday. Stanley Ho is the founder of Shun Tak, a property and transportation conglomerate he set up in 1972.
The price works out to about SGD2,145 per square foot per plot ratio, after factoring in an additional SGD87 million that would be needed to develop the hotel. The site is flanked by The St. Regis Singapore and Four Seasons Hotel, and is located within a prestigious enclave about 200 meters (656 feet) off Orchard Road.
The property, with a land area of 2,391 square meters, is zoned for a hotel development, but the Urban Redevelopment Authority has said it is also prepared to consider a proposal for a residential project, according to the statement.
The plot was sold by the trustees of the estate of the late owner, who purchased it in the 1950s, Jones Lang said. Pooja Thakur, Bloomberg
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