Record-breaking sale price
Casino tycoon Stanley Ho has paid S$145 million (US$105 million) for a property in Singapore through his Shun Tak Holdings. The Straits Times, which described the property as “a bungalow,” roughly cost Ho $2,145 per square foot, a record for the market.
The 25,741-square-foot site is zoned for hotel use but could be used for residential development, the Times reported.
Pansy Ho, managing director of Shun Tak and -chairman and executive director of MGM China Holdings, said the firm would “apply our experience in serving the demands arising from the burgeoning China and Asian markets.”
Bloomberg News reported that the acquisition in the famed Orchard Road shopping district is “the first transaction of a redevelopment site for a hotel in this location in more than a decade.”
