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Shun Tak unit clinches prime Singapore estate for S$376M

With a bid of S$375.5 million, a unit of Hong Kong-listed Shun Tak Holdings Ltd. won the en bloc tender for the Park House residential estate in Singapore's prime Orchard Road shopping belt, marketing agent CBRE said June 13

The purchase price eclipsed the guide price of S$308.0 million when the site fhit the market in April.

Shun Tak Cuscaden Residential Pte. Ltd.'s bid reflects a record S$2,910 per-square-foot per-plot-ratio price for the site, which has a maximum allowable gross floor area spanning roughly 129,035 square feet, not taking into account balcony space. The previous per-square-foot per-plot-ratio record was set by another Hong Kong-based purchaser, when Swire Properties Ltd. acquired the Hampton Court collective sale in January 2013, the June 13 release added.

Shun Tak Cuscaden will not have to pay a development charge for the approximately 46,084-square-foot site, which houses 56 apartments and four retail units. Apartment owners could receive about S$6.1 million each for their units, while shop owners are looking at a S$8.1 million payout.

The plot, at 21 Orchard Blvd., can accommodate a luxury housing project scheduled for completion by 2023, CBRE said.

As of June 13, US$1 was equivalent to S$1.33.