14 Nassim GCB collective sales by Shun Tak

14 Nassim Site


On June 13, Hong Kong-listed Shun Tak Holdings revealed that it had acquired two prime sites for a total of $593.5 million in Singapore. CBRE brokered all transactions.

One was Park House's en bloc acquisition for $375.5 million at 21 Orchard Boulevard, which converts into a record breaking price of $2,910 psf per plot ratio (ppr).

Under the 2014 Master Plan, the main, freehold location of 46,084 sq ft has a plot ratio of 2,8. With a gross floor area of 129,035 sq ft, the site can be restored into a luxury residential development. No fee for production is payable.

A record en bloc expense of $2,910 psf ppr (Credit: CBRE) was achieved by Park House.
Park House is a building of 60 houses, with 56 residences and four stores. A total payout of $6.1 million will be collected from each apartment owner, and each store owner will walk away with $8.1 million.

The second site at Nassim Road is Singapore's most desired address. It is a house on a 66,452 sq ft freehold property at 14 and 14A Nassim Lane, assumed to be the former residence of Siang Kuang, the private investment consultancy company of the Tan family. Hearsay is that Siang Kuang Avenue was named after the family, at MacPherson Lane, where an interim park now operates.

The house on Nassim Road 14 and 14A sits on a vast 66,452 sq ft, freehold property. The Nassim Road site has a plot ratio of 1.4 and can be redeveloped with a gross floor space of 93,033 sq ft into a modern luxury residential estate. The purchasing price is $218 million for the Nassim Road property. The volume, including the production fee, translates to $2,744 psf ppr.

According to Shun Tak, by introducing a residential dimension to the mix, the acquisitions would allow the company to boost its established hotel and commercial portfolio in Singapore. Our company has been diligently pursuing investment opportunities outside our home base in Greater China, and given its robust growth, Singapore is certainly one of our strategic focuses," said Pansy Ho, group executive chairman and managing director of Shun Tak." Incidentally, she is the daughter of 95-year-old Macau gaming tycoon Stanley Ho, who stepped down in June of last year as chairman of Shun Tak.

This new site at 14 nassim will be rebuild to Les Maisons Nassim.