Stanley Ho

Shun Tak Holdings, one of the flagship companies controlled by the clan that dominates Macau’s gambling industry, has smashed Singapore’s price record for luxury homes with its high-profile entry into the city state’s high-end property market.

Park Nova, a collection of 54 large apartments in a high-rise tower about 10 minutes walk from the Orchard Road shopping centre, set a record when a penthouse measuring 5,899 square feet (548 square metres) sold for S$34.38 million (US$26 million). Translating to HK$33,800 per square foot, the duplex – the largest of three penthouse units – features five bedrooms, a family room and study.

“We see the robust economic development [in Singapore] and talents in technology and finance sectors have been lured to the city on back of the government’s favouring policies,” Shun Tak’s executive chairman and chief executive Pansy Ho Chiu-king said during a Wednesday press briefing. “Thus there is an increasing demand in the high-end housing market for the scores of professionals.”

The successful debut in Southeast Asia gives the property-to-hospitality conglomerate confidence to expand its reach, Ho said, adding that Singapore will be Shun Tak’s focus in the coming years. The company has sold 13 of the 54 Park Nova apartments, with sizes starting from 1,432 sq ft going up to 5,899 sq ft, all to Singaporean buyers, company executives said.

Stanley Ho

Pansy Ho Chiu-king, Group Executive Chairman and Managing Director of Shun Tak Holding, speaking at a press conference about the Park Nova ultra- luxury residence in Singapore at the Shun Tak Centre in Sheung Wan, Hong Kong, on June 9, 2021. Photo: May Tse

Singapore’s prices for private homes rose 3.3 per cent in the first three months, according to data provided last week by the Urban Redevelopment Authority, the biggest quarterly gain since the second quarter of 2018, as buyers took advantage of low interest rates and expectations that prices will climb further after the economy recovers.

Shun Tak, founded by Ho’s late father Stanley Ho in 1972, is poised to follow through on Park Nova’s success with three more projects.

The ultra luxury Les Maisons Nassim, featuring 14 apartments – each with its own lobby and lift – located near the EtonHouse Orchard international school in a tony neighbourhood of so-called good class bungalows (GCBs), is expected to be launched this year.

Along Cuscaden Road in the Orchard vicinity, the 142-room Artyzen Hotel is expected to open in 2022. Separately, Shun Tak is renovating a commercial building to turn it into an office tower.

Stanley Ho

A scale model of Shun Tak Holdings’ Park Nova ultra- luxury residence in Singapore on display at the Shun Tak Centre in Sheung Wan on 9 June 2021. . Photo: May Tse

The push into Singapore stands in stark contrast with Shun Tak’s footprint in Hong Kong, the birthplace and childhood home of the late casino tycoon, where the company had not launched any project in six years.

“We will pay close attention to Hong Kong and look for the right opportunity,” Ho said. “It is difficult to find suitable land supply in Hong Kong. We do not want our investments to be scattered among different places, our purpose is to keep the investment concentrated and in-depth.”

Sun Tak’s most recent property development in Hong Kong was in 2015, when it launched a cluster of five villas at the Chung Hom Kok cape in Stanley on the southern tip of Hong Kong Island. The five three-storey detached houses range from 4,374 to 6,615 square feet in size, each featuring an outdoor pool, a family lift and a green garden.

Singapore took the crown two years in a row on a list of economies compiled by the Swiss-based International Institute for Management (IMD) in 2020, while Hong Kong grabbed the fifth spot, down from second in 2019.

Meanwhile, Hong Kong drops off Washington-based think-tank Heritage Foundation list published in March, a year after unseated the No 1 position it held for 25 years to Singapore.

“Given the extreme volatility on the economic and political fronts, conglomerates who have large resources will have to diversify across asset classes and countries to try to smooth out their overall risk trajectory,” said Alan Cheong, Savills’ research and consultancy executive director in Singapore.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Lordstown Motors’ stock takes a dive after losing its CEO and CFO

Photo by: Lordstown Motors/Facebook Lordstown Motors has been struggling with the business for some time now and rather than getting better, it seems that the company is experiencing more issues. Things are getting worse especially now that it was reported its chief executive officer and chief financial officer have stepped…

Read more: Lordstown Motors’ stock takes a dive after losing its CEO and CFO

Cafe de Coral to speed up China expansion after mainland business, sops boost restaurant firm’s net profit

Hong Kong-listed Cafe de Coral Holdings, one of Asia’s largest restaurant and catering groups operating quick-service restaurants, will speed up its expansion in mainland China with 17 store openings in the pipeline. The company revealed its plans after its net profit for 2020 almost quintupled, despite lower revenue in Hong…

Read more: Cafe de Coral to speed up China expansion after mainland business, sops boost restaurant firm’s net profit

Stanley Ho’s youngest son Mario launches firm to help family offices tap investment opportunities in Greater Bay Area

Mario Ho Yau-kwan, the youngest son of the late Macau casino tycoon Stanley Ho Hung-sun, has set up a family office platform to help wealthy families tap opportunities in the fast-growing Greater Bay Area. Ho, 26, a maths whizz and the youngest finance graduate ever from the Massachusetts Institute of…

Read more: Stanley Ho’s youngest son Mario launches firm to help family offices tap investment opportunities in Greater Bay Area

Using a Shared Folder to Connect Your Mac to a Synology Drive

While Windows-based machines often have a lot of options when it comes to hardware and software, users of Mac computers and Apple operating systems aren't so lucky. Thankfully, there isn't much need for anything else when using a Synology Drive. What is the Synology Drive? To put it simply, the…

Read more: Using a Shared Folder to Connect Your Mac to a Synology Drive

Moderna recruits former Johnson & Johnson executive Paul Burton to be its medical chief

Photo by: Moderna/Facebook Moderna has assigned its new chief medical officer after recruiting a former Johnson & Johnson executive. It was reported that effective on July 6, Dr. Paul Burton will be joining the American pharmaceutical and biotechnology company based in Cambridge, Massachusetts. As per Market Watch, Dr. Burton worked…

Read more: Moderna recruits former Johnson & Johnson executive Paul Burton to be its medical chief

Ferrari launches luxury fashion business

Photo by: Ferrari Style/Facebook Ferrari is widely known to be a luxury sports car manufacturer. The Italian company may not be solely known for its sports cars anymore as it recently ventured into a new kind of business, and It involves fashion. Ferrari is expanding its business scope and has…

Read more: Ferrari launches luxury fashion business

Philips announces recall for its ventilators and sleep apnea machines over cancer risk

Photo by: Philips/Facebook Philips initiated a voluntary recall for some of its sleep apnea machines and ventilators. The American multinational conglomerate company cited concerns for a foam component that may get detached or degrade and become toxic when inhaled by the user. It was said that if such a thing…

Read more: Philips announces recall for its ventilators and sleep apnea machines over cancer risk

How Hong Kong’s family offices can use impact investing to help fight wealth inequality

At a time when wealth inequality is recognised as one of the underlying causes of tension and despair in Hong Kong, the government is stepping up efforts to promote the city as a family office hub for ultra-high net worth individuals. InvestHK is setting up a dedicated global team to provide…

Read more: How Hong Kong’s family offices can use impact investing to help fight wealth inequality

US Supreme Court revives LinkedIn bid to shield personal data

Hyundai Motor halts operations in US plants

SBW reportedly the only bidder for the Eastar Jet acquisition

Chinese sportswear maker Xtep gets US$129 million boost from Hillhouse Capital to grow K-Swiss, Palladium brands in global markets

Celltrion’s COVID-19 antibody treatment shows positive results in the phase 3 trial

Toshiba blames former CEO for scandal

S. Korea's strawberry exports up 25% in first five months

Mars commits to improving female shea workers’ livelihoods

OTHER NEWS