{
  "id": 2256237,
  "title": "Singapore father-and-son billionaire duo reportedly pursuing prime mall purchase for $250M",
  "url": "https://urgent.news/2026/08/20/singapore-father-and-son-billionaire-duo-reportedly-pursuing-prime",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-20T23:40:02.000Z",
  "source": {
    "name": "VnExpress Business",
    "slug": "vnexpress-business",
    "url": "https://e.vnexpress.net/news/business/property/singapore-father-and-son-billionaire-duo-reportedly-pursuing-prime-mall-purchase-for-250m-5110917.html"
  },
  "original_language": "en",
  "account": "A Singapore father-and-son billionaire duo, Raj Kumar and Kishin, are reportedly in the process of purchasing the Scotts Square mall for $250 million, according to The Business Times. The four-story freehold mall, which is part of a mixed-use development, boasts around 130,900 square feet of retail space and nearly 76,660 square feet of net leasable area. The development, controlled by Peter Woo, holds a 43.3% share value in the mall, while the remaining 56.7% is held by owners of residential towers.\n\nWharf Estates Singapore, a wholly owned subsidiary of Hong Kong-based Wharf Real Estate Investment Company, currently owns Scotts Square. The company has been considering divesting from the property and another mall, Wheelock Place, which was sold to Hongkong Land for $1.1 billion in July. Scotts Square has faced challenges due to higher tenant turnover and weaker foot traffic compared to other malls in the area, despite its prime location.\n\nInitially marketed at a guide price of $450 million in early 2024, the mall's price was later reduced to $380 million for an expression-of-interest exercise conducted by CBRE. Raj Kumar and Kishin, among the richest individuals in Singapore, each possess an estimated net worth of $1.6 billion, according to Forbes. Their extensive property portfolio includes various high-profile developments in the city-state, such as the RB Capital Building, Holiday Inn Express Clarke Quay, Holiday Inn Singapore Little India, InterContinental Singapore Robertson Quay, and Cuppage Terrace.",
  "summary": "The billionaire duo of Raj Kumar and his son Kishin RK are reportedly conducting exclusive due diligence to buy a mall in Singapore’s premier Orchard Road shopping belt for roughly S$320 million (US$250 million).",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}