ByJonathan Burgos,
Forbes Staff.
Royal Holdings—controlled by property tycoon Raj Kumar and his son Kishin RK—is selling a cluster of shophouses in Singapore’s Orchard Road shopping precinct for S$250 million ($195 million).
The sale of the property, Cuppage Terrace, which is occupied by bars and restaurants, comes on the heels of the proposed collective sale of the residential and retail block of the Centrepoint shopping mall next door for S$418 million.
“This is a truly generational asset, rarely brought to market, representing an unparalleled opportunity for investors to acquire a unique asset with a palatable investment quantum of S$250 million in the heart of the internationally-recognised Orchard Road,” Clemence Lee, executive director for capital markets at CBRE Singapore, said in a statement. “We anticipate robust interest from a diverse spectrum of local and international capital, including family offices, funds, and high-net-worth investors, all vying for this one-of-a-kind trophy asset.”
