Park House En Bloc Sold to Shun Tak Holdings for $375.5M

ABOUT THE EN BLOC SALES

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Shun Tak Holdings, a Hong Kong-listed company that was founded by Stanley Ho, a Macau gaming tycoon have been known for their exceptional developments in Singapore. A week after Far East Consortium bagged the Royal Oak Residences at 21 Anderson Road, Shun Tak has reportedly acquired two prime en bloc sites in Singapore, one of them is the Park House. Orchard Boulevard New Condo is also a promising property within the area that offers numerous potentials for its residents.

Park House is a prestigious residential property located at 21 Orchard Boulevard. It has 46,084 square feet of land size and holds a freehold tenure. It is comprised of a 15-story residence that housed four units retail shops and 56 apartments. It was launched into tender on April 23, 2018. The property en bloc has an asking price of $308 million. The property was a valuable en bloc to say as proof of an overwhelming response from various developers both local and foreign.

Shun Tak Holdings acquired this en bloc for a shattering price of $375.5 million. That translates to a record-breaking $2,910 per square foot per plot ratio. The sale of Park House broke the ceiling record for residential en bloc in 2018 which was set by Hampton Court situated at Draycott Park that has a $2,526 per square foot per plot ratio rate.

The tender closed on May 31, 2018. The purchase price is 21.9% higher than its reserve price and it was completed in June 1, 2018 at 12:30 am. The apartment owners received about $6.1 million each while shop owners bagged around $8.1 million each.

PARK HOUSE LOCATION

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Park House en bloc is an attractive site for developers. Its location which is close to the Central Business District as well as the Orchard Shopping District makes this en bloc stand out. The address in District 10 where this property sits is just along the Orchard Road.

Surrounded by the finest range of schools, the future residents will be able to choose the perfect schools that fit their preferences. Some of these schools are Alexandra Primary School, Sir ManassehMeyer International School, and River Valley Primary School.

Shopping has been very easy and enjoyable in this area with the Orchard Shopping Belt being close. A great range of shopping malls including Tudor Court Shopping Gallery, Tanglin Road, Forum The Shopping Mall and Tanglin Shopping Centre among the few. Nearby are also hawker centers to satisfy your cravings.

One of the features, why this site is have been a sought after property, is because of its accessibility and connectivity through major roads and public transport. Among these public transport are MRT stations such as the Redhill MRT, Great World MRT, Newton MRT and more. Commuting is not to worry about it. Driving to your ideal destination can be convenient through routes such as the Ayer Rajah Expressway (AYE) and Central Expressway (CTE).

MODE OF TRANSPORT

• Tiong Bahru MRT
• Newton MRT
• Orchard Boulevard MRT
• Stevens MRT
• Redhill MRT
• Somerset MRT
• Great World MRT
• Napier MRT
• Central Expressway (CTE)
• Ayer Rajah Expressway (AYE)

NEARBY AMENITIES

• Singapore Botanic Gardens
• National Museum of Singapore
• Gleneagles Hospital
• Cold Storage
• Orchard Shopping District
• Ganges Avenue Open Space
• Havelock Road Cooked Food Centre
• Chatsworth International School
• Crescent Girls’ School
• Sir Manasseh Meyer International School
• River Valley Primary School

POTENTIAL OF THE SITE

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Shun Tak Holdings have been eyeing the prime Orchard area which makes the purchase of Park House a successful one for the developer. The property site has a measure of 46,084 square feet. This makes the property very ideal for Shun Tak Holdings to redevelop it into a majestic property.

The exclusive location of the site in the premier Orchard Road area is very much attractive especially for property-seekers who which to be within an accessible distance to the Central Business District (CBD) and Orchard Shopping District. This is one of the recognizable features of the site that attracts various developers according to its marketing agent CBRE.

The property is zoned for residential use having a 2.8 plot ratio under the Master Plan of 2014. The developer plans to have the site redevelop into a luxurious residence that is expected to get finished by 2023. There will be about 86 units if the assuming average floor area is 1,500 square feet.

 

PARK HOUSE NEW CONDO REGISTRATION OF INTEREST

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