A wholly owned subsidiary of Hong Kong-listed Shun Tak Holdings has acquired a parcel of land in Singapore's central business district for $105 million, and plans to develop a hotel there. The plot at 9 Cuscaden Road was put up for sale last month by the trustees of the estate of Tan Tock Seng, late chairman and director of Bukit Sembawang Estates.
The business activities of Shun Tak Real Estate (Singapore) include "core businesses in transportation, property, hospitality and investments," according to the company's website. “We are delighted to make our first foray into Singapore through the acquisition of this rare asset," Pansy Ho, company MD said in a statement, adding that the company would focus on attracting the "burgeoning" Chinese and Asian markets.
JLL helped broker the sale. “We had received strong interest from both local and foreign hotel owners and residential developers," Karamjit Singh, international director at JLL, said. "The site’s excellent location and its attractive redevelopment options were a huge draw.” Singh said that this was the first sale of a redevelopment site for hotels along Cuscaden Road in more than a decade. When the property went on the market last month, Singh said that the land could be used for a midscale or upscale hotel with about 300 rooms.
In a statement, Shun Tak Real Estate claimed that it was in a "preliminary stage of planning," and would announce further information—presumably, a brand—in the future.