27 May '16, 3am

An indication of what the LKY's Oxley Rise house is worth

The rare plot could be redeveloped into a hotel or high-rise condo. (Photo: JLL) Hong Kong-based Shun Tak Holdings, a company founded by casino mogul Stanley Ho, has purchased a bungalow at 9 Cuscaden Road for $145 million. This is the group’s first foray into Singapore. The property was put up for sale last month by the descendants of pioneer philanthropist Tan Tock Seng, who had expected higher offers of between $160 million and $170 million. Marketed by JLL, the public tender closed on 12 May. The freehold site has a land area of 25,741 sq ft and is zoned ‘Hotel’ in the 2014 Master Plan, with an allowable gross plot ratio of 4.2. The location is within walking distance to the Orchard Road MRT station and shopping malls. The upcoming Orchard Boulevard MRT station along the Thomson-East Coast Line is also nearby. The sale price of $145 million reflects a land rate of appr...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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