Shun Tak Holdings, a listed firm in Hong Kong had reported that it has bought two prime locales in Singapore at a total price tag of $593.5 million. CBRE handled both the transactions.
One was a collective sales at 21 Orchard Boulevard, former Park House at for $375.5 million, which work out to be a record high psf of $2,910 psf per plot ratio (ppr). This freehold site with land size of 46,084sf plot ratio is at 2.8 and can rebuild to a freehold luxury condominium with 129,035sf gross floor area.
Former park house has total of 60 units that consists of 4 shops and 56 residential units. Each of the shop owner will be paid $8.1 million while the residential owner will be paid $6.1 million in this collective sales.
The other site bought by Shun Tak is situated in prestigious address in Singapore, Nassim Road. It’s Good Class Bungalow sitting on a 66,452 sq ft, freehold site at 14 Nassim Road. This site is believe to be own by Tan family and is under private advisory firm Siang Kuang.
The site at Nassim Road has a plot proportion of 1.4, and can be redeveloped into a low rise luxury condo with a gross floor zone of 93,033 sq ft. The price tag for the Nassim Road site is $218 million. The price work out to be $2,744 psf ppr, that include development charge.
As indicated by Shun Tak, the acquisitions will permit the company to enhance its portfolio to include residential development to their existing portfolio that comprises mainly of hotel and commercial component.
“Our company has been constantly exploring new grounds other than China and Singapore is one the chosen spot given its robust growth” mentioned Shun Tak’s group executive chairman, Pansy Ho. Pansy Ho is also the daughter of Stanley Ho, Macau gaming tycoon.