Shun Tak Holdings had purchased two prime land plots in Singapore at a total price tag of US$593.5 million. Both transactions were transacted by CBRE. One transaction was at former Park House at 21 Orchard Boulevard for US$375.5 million, which means a record-breaking floor area ratio (ppr) of US$2,910 per square foot.
Park House is a 60-unit development project with 56 apartments and 4 shop units. Each homeowner will receive a total of 6.1 million dollars, and each store owner will receive 8.1 million dollars.
The second site that Shun Tak purchased is located at the most sought after address in Singapore, at Nassim Road. This is a house site land size 66,452 square feet of freehold land at 14 Nassim Road and is belong to the former residence of the Tan family of Tan Kuang, a private investment consulting firm. The news on the street is that Siang Kuang Avenue near MacPherson Road now has a temporary park named after the family. This site will be redeveloped to to a 4 storey condominium known as “Les Maisons Nassim“.
According to the 2014 master plan, the plot ratio of the top freehold land covering 46,084 square feet is 2.8. This prime site can be rebuild into a luxury residential development with a GFA of 129,035 square feet. No development fees are required.
This acquisition will allow the Shun Tak to strengthen its commercial portfolio and existing hotel in Singapore by adding a residential component to the portfolio. Shun Tak Group Executive Chairman and Managing Director He Chaoyi said: “Our group has been working hard to explore investment opportunities outside of Greater China. Given Singapore’s strong growth, it is undoubtedly one of our strategic priorities.” By the way, she is Macau The daughter of gaming tycoon Stanley Ho.
