Shun Tak Holdings—controlled by Hong Kong casino billionaire Pansy Ho—is buying a prime residential site near Singapore’s Orchard Road shopping belt for S$557 million ($408 million), as the developer steps up investments in the city-state’s booming luxury property market.
Located in District 9, Singapore’s most luxurious and exclusive residential enclave, the High Point residential condominium on 30 Mount Elizabeth Road sits on freehold land of 47,606 square feet (4,432 square meters). The property went on the market in October in an auction handled by Savills.
Developers have been stepping up the redevelopment of older properties in land scarce Singapore to tap into the soaring 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, the latest data from the government showed.
The High Point acquisition will be the fifth property investment by Shun Tak in and around Singapore’s downtown in five years, the company said in a statement. Shun Tak plans to redevelop the property, which can yield a maximum gross floor area of up to 226,815 square feet when completed by 2027. The 1973 vintage 22-story block can be rebuilt into a 36-story skyscraper with 98 units measuring about 200 square meters each, Savills said in October.
“We anticipate that the new development by Shun Tak will redefine the standards of luxury living in Singapore,” Galven Tan, deputy managing director for investment sales and capital markets at Savills Singapore, said in a statement.
Among Shun Tak’s projects in Singapore are the 54-unit Park Nova near Orchard Road and the 14-unit premium Les Maisons Nassim, which sold a 12,077 square feet super penthouse for a record price of S$75 million, or S$6,210 per square foot, in October. These successful projects demonstrate Shun tak’s strength in developing high quality residential projects sought by discerning local and international buyers, Shun Tak group executive chairman and managing director Pansy Ho said in a statement.
“With the acquisition of this fifth property, we shall further expand our portfolio and foothold in Singapore and continue to bring in top-quality and unique elements to enrich the vibrant development of the city,” she added.
Shun Tak—a property developer in Hong Kong and Macau that runs ferries between them and operates hotels—was founded by Ho’s father, legendary Macau gaming kingpin Stanley Ho, who died in May 2020. Ho, 59, had a net worth of $4.3 billion when the list of the World’s Billionaires was last published in April. She also has major shareholdings in Macau casino operators MGM China and her late father\’s SJM Holdings.