Hong Kong casino billionaire Pansy Ho Shun Tak buys premier Singapore residential site for $ 408 million
Shun Tak Holdings, controlled by Hong Kong casino billionaire Pansy Ho, buys prime residential site near Singapore’s Orchard Road shopping area for S $ 557 million ($ 408 million), as developer steps up its investments in the city-state’s burgeoning luxury real estate market.
Located in District 9, Singapore’s most luxurious and exclusive residential enclave, High Point Residential Condominium on 30 Mount Elizabeth Road sits on 47,606 square feet (4,432 square meters) freehold land. The property was put on the market in October at an auction run by Savills.
Developers have stepped up redevelopment of older properties in Singapore’s rare earths to take advantage of growing demand for housing in one of the world’s most expensive real estate markets. Some 4,267 new residential units were sold in the third quarter, up 23% from the previous three months, according to the latest government data.
The acquisition of High Point will be Shun Tak’s fifth real estate investment in and around downtown Singapore in five years, the company said in a statement. Shun Tak plans to redevelop the property, which can result in a maximum gross floor area of ââ226,815 square feet when completed by 2027. The 22-story vintage block from 1973 can be rebuilt into a skyscraper of 36 floors with 98 units measuring approximately 200 square meters. meters each, Savills said in October.
âWe anticipate that Shun Tak’s new development will redefine the standards of luxury living in Singapore,â Galven Tan, deputy general manager of investment sales and capital markets at Savills Singapore, said in a statement.
Shun Tak’s projects in Singapore include the 54-unit Park Nova near Orchard Road and the 14-unit upscale Les Maisons Nassim, which sold a 12,077-square-foot super penthouse for a record price of $ 75 million. Singapore dollars, or 6,210 Singapore dollars per square foot, in October. These successful projects demonstrate Shun Tak’s strength in developing high-quality residential projects sought after by discerning local and international buyers, Pansy Ho, executive chairman and general manager of Shun Tak Group, said in a statement.
“With the acquisition of this fifth property, we will further expand our portfolio and presence in Singapore and continue to bring unique and superior elements to enrich the dynamic development of the city,” she added.
Shun Tak, a real estate developer in Hong Kong and Macau who runs ferries between them and operates hotels, was founded by Ho’s father, the legendary Macau gaming baron Stanley Ho, who died in May 2020. Ho, 59 years old, had a net worth of $ 4.3 billion. when the Global Billionaires List was last published in April. She also has significant stakes in Macao casino operators MGM China and SJM Holdings of her late father.