24 May '16, 1am

Hong Kong Gaming Tycoon Ho Buys Prime Singapore Hotel Plot - Bloomberg

Hong Kong gaming tycoon Stanley Ho has bought a 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 S$145 million ($105 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 S$160 million to S$170 million, the broker had said in April when it put the site up for tender. The valuation report pegged the value at S$131 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....

Full article: http://www.bloomberg.com/news/articles/2016-05-24/hong-ko...

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