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Bungalow In Cuscaden Road Sold For $145 Million To Stanley Ho's Shun Tak Real Estate

This article was originally on GET.com at: Bungalow In Cuscaden Road Sold For $145 Million To Stanley Ho's Shun Tak Real Estate

Last month we reported that a house located in Cuscaden Road in Singapore, which was owned by the descendants of the late philanthropist, Mr Tan Tock Seng, was on the market for $160m to $170m.

News broke yesterday that the 25,741 square foot (sq ft) freehold land, brokered by the real estate marketing agency JLL, was sold at $145 million to Shun Tak Real Estate (Singapore) Pte Ltd, making this the first hotel development site in this area in a decade. The price includes a hotel development charge of $87 million and translates to about $2,145 per square foot per plot ratio (psf/pr).

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Since it was released on the market, the land has always been speculated to have great potential for hotel use since there hasn’t been a hotel development in the Orchard Road area in the last 10 years.

Even though the land is currently zoned as ‘Hotel’ in the 2014 Master Plan, the Urban Redevelopment Authority (URA) mentioned that it is also open to consider a proposal for residential development, however it will be susceptible to charges and approval.

The Shun Tak Real Estate Pte Ltd, is a wholly-owned subsidiary of Shun Tak Holdings Limited, a leading conglomerate in the Hong Kong Stock Exchange. The company is owned by Hong Kong casino tycoon, Stanley Ho.

Keen To Find A Property?

The house in Cuscaden Road was sold at one of the highest prices for landed houses. Last month, we reported that landed property prices fell in the last quarter of 2015 because of property cooling measures. Cooling measures are here to stay though, so there's still room for prices to dip.

If you’re thinking of buying a non-landed property however, now might be a good time since developers are foreseeing residential properties to drop in prices.

Looking for a home loan in Singapore? To save time and money, use a home loan website like GET.com to help you make a decision.

Here you can check out the 4 things you can consider when comparing home loans if you want to refinance your home loan.

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