Is paying $145 million for a landed house over the top? Well, there is a first for everything.
The recent sale of a 25,741 sq ft freehold bungalow at 9 Cuscaden road is the first foray into Singapore’s property market for Hong Kong tycoon, Stanley Ho who has made billions through the gambling industry. The bungalow was put up for sale by Tan Tock Seng’s descendants and the site is zoned for hotel redevelopment with a plot ratio of 4.2. The bungalow was originally the family home of Tan Tock Seng’s great-grandson, Tan Hoon Siang and was put up for sale for between $160 to $170 million just last month. Named Villa Marie, it was presumably named after Mr. Tan’s second wife, Marie Windsor.
Stanley Ho’s Shun Tak Holdings paid $145 million for the prime site, the highest ever paid for a landed property and at $2,145 psf, it is all eyes on what is eventually built. Because of how it was zoned, the transaction was made sans the Additional Buyers’ Stamp Duty (ABSD), which could be a real positive, considering how much the deal cost. Though zoned for hotel redevelopment, there is also the possibility of building residential units up to 20 storeys high. Could Orchard road be seeing a new residential block or hotel in its midst? Will other landed properties possibly be seeing more activity soon?