The Cuppage Terrace, a cluster of shophouses occupied by bars and restaurants successful the Orchard Road shopping belt.
Frasers Property
Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi—has bought a cluster of premier nutrient and beverage shophouses successful the Orchard Road shopping loop for S$175 cardinal ($138 million) from privately held Royal Holdings.
The acquisition of Cuppage Terrace comes six months aft the Singapore-listed developer bought the crippled down The Centrepoint shopping analyzable for S$392 million. With Frasers Property owning the promenade and the adjacent properties, the group could return a much coordinated attack to heighten the plus and create semipermanent value.
“The acquisition of Cuppage Terrace strengthens our beingness on Orchard Road and reinforces our committedness to shaping a much connected and vibrant precinct,” Soon Su Lin, CEO of Frasers Property Singapore, said successful a statement. “Together pinch the strengthening of ownership of The Centrepoint, this enables america to unlock synergies crossed adjacent sites and amended position our properties to lend to the ongoing translator of Orchard Road.”
Cuppage Terrace, arsenic the spot is called, comprises 17 conserved Peranakan-style shophouses that’s been turned into bars and restaurants. It’s 1 of respective properties owned by Royal Holdings which is tally by father-son duo Raj Kumar and Kishin. With a mixed nett worthy of $3.2 billion, they are among the wealthiest successful Singapore. Their prized holdings see the 442-room Holiday Inn Express astatine Clarke Quay, Holiday Inn Little India and the edifice Intercontinental Singapore Robertson Quay.
The Centrepoint is Frasers Property’s flagship plus on Orchard Road that was primitively built successful the early 1980s. The institution besides owns 51 Cuppage Road, a 10-story agency building, down the shopping complex.
Frasers Property is 1 of the assets owned by Charoen and his family, among the wealthiest successful Thailand pinch an estimated luck of $12.2 cardinal based connected Forbes’ real-time data. The clan besides has interests successful Chang Beer shaper Thai Beverages, packaging institution Berli Jucker, Thai spot developer Asset World and Thailand's Big C Supercenter hypermarket chain.
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