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Thread: Pansy Ho's Shun Tak walks away from S$556m High Point deal amid latest property cooli

  1. #1
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    Default High Point sold en bloc for S$556.7m to Hong Kong's Shun Tak Holdings

    High Point sold en bloc for S$556.7m to Hong Kong's Shun Tak Holdings

    Firm plans to redevelop freehold site at 30 Mount Elizabeth as a luxury residential project by 2027

    Dec 10, 2021



    HONG Kong-listed Shun Tak Holdings has bagged District 9 condominium High Point for close to S$556.7 million, the conglomerate said on Thursday (Dec 9).

    The land price for the 47,606 square foot freehold parcel worked out to about S$2,537 per square foot per plot ratio (psf ppr) when the development charge of S$18 million is taken into account, according to marketing agent Savills.

    The sale price is the highest land price (psf ppr) transacted since July 2018, said Savills.

    High Point went on the market in October with a guide price of S$550 million, unchanged from its earlier bid at an en-bloc sale 2 years ago.

    The freehold site has land area of approximately 47,606 sq ft site with existing verified gross floor area of approximately 211,976 sq ft.

    The 22-storey block was completed in 1973 on a cul-de-sac plot with allowable gross plot ratio of 2.8 and height control of up to 36 storeys.

    Savills said at the time that it could be redeveloped as a residential project with 98 units, at an average size of 200 square metres each.

    Shun Tak, which made the acquisition through a subsidiary, said that it plans to redevelop the freehold site at 30 Mount Elizabeth as a luxury residential project by 2027.

    The group noted that High Point is its fifth downtown Singapore acquisition in as many years.

    Its debut Singapore residential project, Park Nova in Tomlinson Road, launched in May this year and is transacting at an average of more than S$4,500 psf.

    Pansy Ho, Shun Tak's chairman and managing director, added in a statement that "we shall further expand our portfolio and foothold in Singapore" with the latest transaction.

    Shun Tak shares closed on Thursday at HK$2.17, up 4.33 per cent, before the news.

  2. #2
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    Default Re: High Point sold en bloc for S$556.7m to Hong Kong's Shun Tak Holdings

    Shun Tak acquires High Point en bloc for $557 mil

    EdgeProp Singapore

    December 9, 2021

    Hong Kong-listed Shun Tak Holdings announced that it has won the bid for the collective sale of High Point at the close of the tender last evening. The actual transacted price was $556.688 million, which translates to a land rate of $2,626 psf per plot ratio (psf ppr) based on the gross floor area (GFA) of 226,815 sq ft. The deal was brokered by Savills Singapore’s managing director of investment sales & capital markets, Jeremy Lake and deputy managing director Galven Tan.

    The land rate of $2,626 psf ppr is the third highest land price (in terms of psf ppr) since July 2018, when Shun Tak purchased two land plots: Park House in a collective sale for $375.5 million ($2,910 psf ppr) and the bungalow site at 14 and 14A Nassim Road for $218 million ($2,725 psf ppr). Both deals were brokered by Lake and Tan too.

    Read more at: https://www.edgeprop.sg/property-new...n-bloc-557-mil

  3. #3
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    Default Pansy Ho's Shun Tak walks away from S$556m High Point deal amid latest property cooli

    Pansy Ho's Shun Tak walks away from S$556m High Point deal amid latest property cooling measures

    HK-listed group understood to have forfeited its S$1 million tender deposit for the en bloc purchase

    Dec 24, 2021

    HONG Kong-listed Shun Tak Holdings is said to have called off the en-bloc deal for High Point condominium, possibly making it the first casualty of the latest property cooling measures announced by the government last week.

    Shun Tak, which is understood to have forfeited its S$1 million tender deposit, did not respond to queries. Savills, which is the marketing agent for High Point, declined to comment when contacted on Thursday (Dec 23) night.

    It was announced on Dec 9 that Shun Tak had clinched the freehold 22-storey condominium in the Orchard area for nearly S$556.7 million - which would have been the Hong Kong group's fifth acquisition in downtown Singapore in 5 years.

    The land price for the site translated to S$2,537 per square foot per plot ratio (psf ppr) including the development charge of S$18 million. Savills had said at the time that the sale price was the highest land price (psf ppr) transacted since July 2018.

    Amid the backdrop of a global pandemic and still-buoyant property market, the government implemented another round of cooling measures on Dec 16 to prevent the market from over-heating.

    Among the slew of measures was a hike in the additional buyer's stamp duty (ABSD) for residential developers which went from 25 per cent to a more punitive 35 per cent. Developers will have to cough up the 35 per cent remissible ABSD on their residential site purchase price, with interest, if they fail to complete the residential project and sell all units within 5 years of acquiring the site.

    This, along with the other cooling measures, is likely to make developers more careful about bidding for land, which could cool the en-bloc market, analysts have said.

    Under the new rules, Singaporeans and permanent residents who already own a property and are looking to buy an additional one(s) are also facing higher ABSD rates, ranging from 17 per cent to 30 per cent. Foreigners will have to stump up an ABSD of 30 per cent, up from 20 per cent previously.

    While the tender for High Point closed before the cooling measures took effect, which suggests that Shun Tak is subject to the old developer ABSD regime, market watchers say that Shun Tak would be unlikely to negotiate for a lower price as that would require a fresh deal that would be subject to the latest measures.

    Shun Tak was planning to redevelop the freehold site at 30 Mount Elizabeth as a luxury residential project by 2027, the conglomerate said earlier this month.

    High Point, which also attempted a sale in the previous en-bloc cycle 2 years ago, was put on the market in October this year with a guide price of S$550 million. It has 57 apartments and 2 penthouses, and sits on a land area of 47,606 sq ft site with an existing verified gross floor area of around 211,976 sq ft.

    Completed in 1973, it is zoned residential with an allowable gross plot ratio of 2.8 and height control of up to 36 storeys.

    Savills had said previously that High Point could be redeveloped as an ultra-luxurious residential project with up to 98 units, assuming an average size of 200 square metres each.

    Shun Tak, which was founded by casino tycoon Stanley Ho and is helmed by his daughter Pansy, is marketing 2 other luxury residential projects in District 10 - its debut residential project, the freehold 54-unit Park Nova on Tomlinson Road, and the 14-unit, low-rise freehold Les Maisons Nassim in the coveted Nassim enclave.

    Ms Ho said in a press release dated Dec 9 that the acquisition of High Point allowed Shun Tak to "further expand (its) portfolio and foothold in Singapore".

    Not far from Park Nova, Shun Tak is also developing a bungalow on Cuscaden Road into a 5-star hotel with 142 rooms. The hotel will be managed by the Artyzen Hospitality Group. In addition, it owns the commercial building, 111 Somerset, at Somerset Road.

    This week, the tender for 99-year-leasehold Lakepoint Condominium closed with offers falling short of its reserve price of S$640 million. It is currently in a 10-week private treaty negotiation process.

    Located near Jurong Lake District, the 309-unit Lakepoint sits on a site spanning 562,286 sq ft and has a plot ratio of 1.4.

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