The property, a cluster of 17 conservation shophouses, offers a total built-up area of about 50,891 square feet (4,728 square meters). Its ground floor is fully occupied by food and beverage operators and features more than 12,000 sq ft of outdoor refreshment spaces.
It also has around 85 meters of frontage along Cuppage Road near Orchard Road and Somerset MRT stations.
It has roughly 62 years left on its 99-year lease and is designated for commercial use, Channel News Asia reported.
The property is on sale through an expression of interest exercise that will end on Feb. 12.
 |
|
A view of the Cuppage Terrace. Photo from Royal Holdings’ website |
“For the first time in over 20 years, Cuppage Terrace – Orchard Road’s beloved and iconic F&B and lifestyle enclave – is finally on the market,” said Clemence Lee, executive director of capital markets (Singapore) at real estate consultancy CBRE, who is marketing the cluster.
He believes it would be one of the city-state’s largest conservation shophouse offerings.
CBRE said foreigners are also eligible to buy the property, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applied.
The proposed sale comes as the prime Orchard Road shopping belt undergoes a broader facelift, with several older properties in the area being redeveloped.
Earlier this month, Frasers Property, a developer controlled by Thailand’s third-richest man Charoen Sirivadhanabhakdi, put on sale the rear block of its The Centrepoint mall, which neighbors Cuppage Terrace.
Market observers at the time said the move could see stronger demand if Royal Holdings is open to selling its shophouse cluster, according to The Business Times.
Lee said since both sites are held on 99-year leases, they could be jointly redeveloped with their lease tenure topped up.
Cuppage Terrace is among a portfolio of properties owned by Royal Holdings, whose marquee assets include the 442-room Holiday Inn Express at Clarke Quay, Holiday Inn Little India and InterContinental Singapore Robertson Quay.
The property firm is run by 71-year-old Raj and his son Kishin, who each have an estimated net worth of US$1.6 billion, placing them among Singapore’s wealthiest individuals.
42-year-old Kishin, in particular, was the city-state’s youngest billionaire on Forbes’ global list last April. On the real-time list, however, that title has gone to 30-year-old Victoria Goh, one of six grandchildren who inherited the fortune of late paint tycoon Goh Cheng Liang.
