Singapore father-son billionaire duo buys $245M prime shopping mall
Royal Holdings and RB Capital, controlled by billionaire father and son Raj Kumar and Kishin RK, are purchasing a mall along Singapore’s prime Orchard Road shopping belt for S$310 million (US$245.2 million).
Singapore's father-son billionaire duo, Raj Kumar and Kishin, have agreed to purchase the prime Scotts Square shopping mall for $245 million. This deal, brokered by CBRE, represents a price of $20,170 per square meter for the 130,160 square meter gross floor area of the mall. The transaction is expected to be finalized by November.
Scotts Square, with a net leasable area of 76,660 square feet, houses tenancies such as Bang & Olufsen and Vivienne Westwood. The four-story freehold retail mall is part of a mixed-use development that includes two residential towers, making up roughly 43.3% of the development's value. The property was initially listed for sale in early 2024 at a price of $450 million, which later dropped to $380 million after CBRE conducted an expression-of-interest process.
It was one of two malls Wharf Real Estate Investment sought to divest from, the other being Wheelock Place which sold to Hongkong Land for $1.1 billion. Wharf Estates Singapore, the parent company of the mall, is a subsidiary of Hong Kong's Wharf Real Estate Investment Company. The duo, ranked as the 19th wealthiest individuals in Singapore, have a combined net worth of $3.3 billion. Their portfolio includes numerous hotels and retail properties across Singapore.
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