With Frasers Property owning the mall and adjacent properties, the group could take a more coordinated approach to enhancing the assets and creating long-term value, it said in a statement.
“The acquisition of Cuppage Terrace strengthens our presence along Orchard Road and reinforces our commitment to shaping a more connected and vibrant precinct,” Soon Su Lin, CEO of Frasers Property Singapore, said in a statement.
The acquisition of Cuppage Terrace comes six months after the Singapore-listed developer purchased the plot behind The Centrepoint shopping complex for SGD392 million, according to Forbes.
“Together with the strengthening of ownership of The Centrepoint, this enables us to unlock synergies across adjacent sites and better position our properties to contribute to the ongoing transformation of Orchard Road.”
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Cuppage Terrace in SIngapore. Photo by Frasers Property |
Cuppage Terrace comprises 17 conserved shophouses that have been converted into bars and restaurants.
It 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 $3.2 billion, they are among Singapore’s wealthiest individuals.
Their prized holdings include the 442-room Holiday Inn Express at Clarke Quay, Holiday Inn Little India and Intercontinental Singapore Robertson Quay.
The Centrepoint is Frasers Property’s flagship asset along Orchard Road and was originally built in the early 1980s. The company also owns 51 Cuppage Road, a 10-story office building behind the shopping complex.
Frasers Property is among the assets owned by Charoen and his family, who ranks third in wealth in Thailand with a fortune of $12.2 billion, Forbes’ data shows.
The family also has interests in Chang Beer maker Thai Beverages, packaging company Berli Jucker, Thai property developer Asset World and Thailand’s Big C Supercenter hypermarket chain.