Hong Kong-based a firm founded by casino mogul Stanley Ho, Shun Tak Holdings, has bought bungalow.
The descendants of leader philanthropist Tan Tock Seng, who’d anticipated higher offers of between $160 million and $170 million put up for sale the property. Promoted by JLL, the public bid closed on 12 May.
The location is within walking distance to shopping malls and the Orchard Road MRT station. The coming Orchard Boulevard MRT station along the Thomson-East Coast Line can be nearby.
“Chances to obtain property for resort development in and around are few and far between. Depending on our records, this can be the first deal of a redevelopment site for resorts to happen in this location in over 10 years said International Manager at JLL, Karamjit Singh.
He noted the bid for the site received strong interest from foreign and local firms.
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Pansy Ho, Ho’s daughter and Shun Tak’s Managing Director, said: “Capitalising upon our strength in property development, we shall use our expertise in serving the requirements originating in the burgeoning China and Asian marketplaces and hospitality.”
Possibly, the site also can be redeveloped into a residential development, subject to acceptance by the Urban Redevelopment Authority.
The group will announce additional details, and is currently at a preliminary phase of preparation.