Frasers Property Buys Prime Singapore Restaurant Space for $138 Million
Frasers Property, controlled by Thai billionaire Charoen Sirivadhanabhakdi, has acquired a prime food and beverage shophouse cluster in Singapore's Orchard Road shopping belt for S$175 million ($138 million) from privately held Royal Holdings.
The acquisition includes Cuppage Terrace, a cluster of 17 conserved Peranakan-style shophouses that have been turned into bars and restaurants. This purchase comes six months after Frasers Property bought the plot behind The Centrepoint shopping complex for S$392 million.
Frasers Property's CEO Soon Su Lin stated, 'The acquisition of Cuppage Terrace strengthens our presence along Orchard Road and reinforces our commitment to shaping a more connected and vibrant precinct.' This move enables the company to unlock synergies across adjacent sites and position its properties to contribute to the ongoing transformation of Orchard Road.