Shun Tak acquires prime land near Orchard Road

HK-listed Shun Tak Holdings, owned by Hong Kong gaming tycoon Stanley Ho, has bought a prime land site off Singapore’s Orchard Road shopping belt, its first acquisition in Singapore, local media reports.

Shun Tak acquired a two-storey bungalow for a total consideration of SG$145 million (US$104.8 million), which includes land.

“The land parcel, with a land area of approximately 2,391 sq.m., is located at No. 9 Cuscaden Road in the central business district in Singapore with a community of various destinations and renowned hotels nearby. It is within walking distance of the Orchard MRT station, major shopping complexes around Orchard Road and a future new MRT station,” said a filing from the company on May 12.

“The acquisition will expand the footprint of the Group’s business to a gateway city in the region. It is also a rare opportunity for the Group to enhance its asset portfolio under freehold title in the prime area of a well-developed country,” the company added in the filing.