The Tamesis
Cuppage Terrace is a cluster of shophouses in the Orchard Road shopping belt filled with bars and restaurants.
Provided by CBRE Singapore
Royal Holdings, controlled by property tycoon Raj Kumar and his son Kishin RK, is selling a group of shophouses in Singapore’s Orchard Road shopping district for S$250 million ($195 million).
The sale of the Cuppage Terrace property, which is occupied by bars and restaurants, comes on the heels of a proposed collective sale of the residential and retail precincts at Centrepoint Shopping Center next door for S$418 million.
“This is a true generational asset that rarely comes to market, offering investors an unparalleled opportunity to acquire a unique asset for S$250 million in the heart of the internationally recognized Orchard Road,” Clemence Lee, executive director of capital markets at CBRE Singapore, said in a statement. “We expect strong interest from a variety of local and international capital, including family offices, funds and high-net-worth investors, all vying for this unique trophy asset.”
Cuppage Terrace consists of 17 adjacent listed shophouses with a built-up area of approximately 50,891 sq ft (4,728 sq m), including over 12,000 sq ft of outdoor refreshment area. The property has approximately 62 years remaining on its 99-year lease.
The proposed sale of Cuppage Terrace comes at a good time as the Orchard Road shopping belt is undergoing a major revamp and several older properties in the area are undergoing redevelopment. For example, UOL Group is building a new hotel on the site of the former Faber House, while Singtel is partnering with Australian developer Lendlease to build a twin office building at the former Singtel Comcentre headquarters opposite Somerset MRT station.
Cuppage Terrace is one of several properties owned by Royal Holdings, which is run by father-son duo Raj Kumar and Kishin. With a combined net worth of US$3.2 billion, they are among the richest people in Singapore. Their prized assets include the 442-room Holiday Inn Express Clarke Quay, Holiday Inn Little India and InterContinental Singapore Robertson Quay.
