Royal Holdings, RB Capital buy Scotts Square for S$310 million
Royal Holdings and RB Capital have agreed to purchase the Scotts Square retail mall in Singapore for S$310 million. The new owners plan to renovate the property following the completion of the deal by year-end.
Why it matters
Large-scale commercial real estate transactions reflect investor confidence in prime urban retail assets despite market fluctuations.
The price works out to S$2,369 psf on a gross floor area of 130,875 sq ft
[SINGAPORE] Royal Holdings and RB Capital are jointly buying Scotts Square for S$310 million.
The duo have inked a sale-and-purchase agreement for all the shares in Wharf Estates Singapore, which owns the four-level freehold retail mall in a prime Scotts Road location, just off Orchard Road.
Wharf Estates Singapore, formerly known as Wheelock Properties (Singapore), is a wholly owned subsidiary of Hong Kong-listed Wharf Real Estate Investment Company.
The S$310 million price works out to S$2,369 per square foot (psf), based on the gross floor area of 130,875 sq ft.
The building’s current net lettable area is nearly 76,660 sq ft. Tenants include FairPrice Finest supermarket, Bang & Olufsen, Vivenne Westwood, Carhartt and Stussy.
The purchase is expected to be completed by year-end.
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