The Scotts Square shopping mall in Singapore.
Wharf Real Estate
Royal Holdings and RB Capital—controlled by property tycoon Raj Kumar and his son Kishin RK—are jointly buying Scotts Square for S$310 million ($245 million) from Hong Kong billionaire Peter Woo’s Wharf Real Estate Investment.
The deal comes amid booming demand for commercial properties in Singapore, one of the world’s most resilient real estate markets. Wharf is selling Scotts Square, a prime reaiul space just off the Orchard Road shopping precinct, less than two months after selling the the nearby Wheelock Place, a 21-story office building with a retail podium, to Hongkong Land, the property arm of the billionaire Keswick family’s Jardine Matheson, for S$1.1 billion.
Scotts Square, which has a gross floor area of 130,875 square feet, counts Bang & Olufsen, and Vivienne Westwood among its tenants. Brokered by CBRE, the transaction is expected to be completed by November.
Royal Holdings and RB Capital are buying Scotts Square after agreeing this month to sell Cuppage Terrace, a cluster of prime food and beverage shophouses in Orchard Road, to Thai billionaire Charoen Sirivadhanabhakdi’s Frasers Property for S$175 million.
With a combined net worth of $3.3 billion, the father-and-son pair rank among Singapore’s wealthiest people. Their assets in the city-state include the 442-room Holiday Inn Express at Clarke Quay, Holiday Inn Little India and InterContinental Singapore Robertson Quay.