Shun Tak Holdings Acquires Park House And A Plot At Nassim Road

At a sale price of $375.5 mil, Park House, a prominent development at Orchard Boulevard, fetched a record shattering price of $2,910 psf per plot ratio. The new benchmark supersedes the previous record price of $2,526 psf ppr set by Hong Kong’s Swire Properties for Hampton Court at Draycott Park. Awarded on June 1 to Shun Tak Cuscaden Residential, a wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings, Park House is a valuable freehold development, which encompasses 56 apartments and four shop units. The 46,084 sq ft site commands a maximum allowable gross floor area of 129,035 sq ft based on a plot ratio of 2.8. Due to its high baseline plot ratio, no development charge is payable. With its prominent location and its close proximity to Orchard Road as well as the future Orchard Boulevard MRT (opening in 2021), it is not difficult to understand why the collective sale was met with strong interest by developers. Shun Tak Holdings has announced its plans to redevelop the site into a luxury residential development, slated for completion by 2023. At the same time, Shun Tak Holdings announced that it has also acquired a freehold plot at Nassim Road. The rare Nassim Road site is approximately 66,452 square feet in size with a maximum gross floor area of approximately 93,033 square feet. The purchase price of $218 million works out to $2,744 psf per plot ratio inclusive of a development charge. Resting on one of the most coveted addresses in Singapore, the site has been earmarked to be developed into an ultra-luxurious low-rise residential project.