Singapore billionaires Raj Kumar and Kishin place deposit on S$250M Scotts Square mall
Father-and-son billionaires Raj Kumar and Kishin have reportedly placed a deposit on Scotts Square, a freehold mall in Singapore’s Orchard Road area, with a sale agreement possible by early September. The S$250 million deal would see the duo add the 130,900 sq ft retail podium to their property empi
Father-and-son billionaire duo Raj Kumar and Kishin have reportedly placed a deposit on Scotts Square, a freehold mall in Singapore's Orchard Road retail belt, as they conduct due diligence. A sale agreement could be reached in the first half of September, according to The Business Times.
The four-storey freehold mall has about 130,900 sq ft (12,160 sq m) of retail space and a net leasable area of nearly 76,660 sq ft. It forms part of a strata-titled mixed-use development that also includes two residential towers, and represents about 43.3 per cent of the development's share value. The remainder is held by owners of units in the residential towers.
Scotts Square is owned by Wharf Estates Singapore, a wholly owned unit of Hong Kong-based Wharf Real Estate Investment Company, which is controlled by billionaire Peter Woo. Bloomberg reported in July that Wharf Real Estate Investment was looking to divest from Scotts Square and another Orchard Road mall, Wheelock Place. An agreement was inked later that month for the sale of Wheelock Place to property developer Hongkong Land for S$1.1 billion.
Scotts Square has faced higher tenant turnover and weaker foot traffic than other malls along the strip despite its prime location. The mall was previously marketed at a guide price of S$450 million in early 2024 by property consultancy Savills. Its price was subsequently lowered to S$380 million for an expression-of-interest exercise conducted by CBRE earlier this year.
Raj Kumar and Kishin are among the richest people in Singapore, with each having an estimated net worth of US$1.6 billion, according to Forbes. Kishin is also one of the city-state's few billionaires under 50. Their combined property empire, comprising Kishin's RB Capital and Kumar's Royal Holdings, oversees a multibillion-dollar portfolio that includes the RB Capital Building, Holiday Inn Express Clarke Quay, Holiday Inn Singapore Little India and InterContinental Singapore Robertson Quay.
Earlier this year, Royal Holdings put Cuppage Terrace, a food and beverage enclave in Orchard Road, on the market. A deal has reportedly been reached to sell the property to developer Frasers Property for S$175 million.
