24 May '16, 1am

via @SRX_COM_SG

Shun Tak Holdings, a company founded by gambling billionaire Stanley Ho, has made its first foray into the Singapore property market. It is paying $145 million for 9 Cuscaden Road , a bungalow put up for sale by the descendants of famous philanthropist Tan Tock Seng. The sum, one of the highest ever paid for a landed house, works out to about $2,145 per sq ft per plot ratio for a hotel redevelopment, including development charges. The 25,741 sq ft freehold site is zoned for hotel use with allowable gross plot ratio of 4.2 but could alternatively be used for residential development as well, subject to approval. Shun Tak said it is at a preliminary stage of planning and will announce further details later. However, given the company’s expertise in hospitality, a hotel would be a perfect fit for the company, experts said. Shun Tak is firmly rooted in Macau’s tourism business,...

Full article: http://www.srx.com.sg/singapore-property-news/19312/gambl...

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