Macau gaming tycoon snaps up double-storey Cuscaden Road bungalow for $145m

This is its first acquisition in Singapore.

Hong Kong-listed Shun Tak Holdings, owned by Macau gambling tycoon Stanley Ho, has snapped up a two-storey bungalow in Cuscaden Road for a total consideration of $145m.

This marks Shun Tak's first acquisition in Singapore. The bungalow, which sits on a 2,391-squre metre land parcel, is currently zoned for hotel use. It can be converted into residential use subject to regulatory approval.

"The Company considers the acquisition beneficial to the development of the hospitality business of the Group and potentially beneficial to the property development business of the Group since the Property can be redeveloped into residential use subject to government approval. 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," Shun Tak said in a regulatory filing.

The sale was brokered by JLL, who ran a public tender campaign for the property in April.

"We had received strong interest from both local and foreign hotel owners and residential developers," said Karamjit Singh, International Director at JLL.

"The site's excellent location and its attractive redevelopment options were a huge draw. Opportunities to acquire land for hotel development in and around Orchard Road are few and far between. Based on our records, this is the first sale of a redevelopment site for hotels to take place in this location in more than 10 years," he added.