SHUN Tak Holdings, a company founded by gaming tycoon Stanley Ho, has acquired its first property here.
It is paying S$145 million for a prime freehold site at 9 Cuscaden Road, belonging to the late Tan Hoon Siang, the great-grandson of famous philanthropist Tan Tock Seng.
The site, where a two-storey grey bungalow stands now, was put up for sale by his three sons, acting as trustees for his estate.
The property has a land area of 25,741 sq ft and is zoned "Hotel" in the 2014 Master Plan, with an allowable gross plot ratio (GPR) of 4.2.
The Urban Redevelopment Authority (URA) has advised that it is also prepared to consider a redevelopment proposal into a residential development, subject to approval and payment of development charges.