Frasers Property has acquired Cuppage Terrace, a row of 17 conserved Peranakan-style shophouses in Singapore, for US$137.6 million (SG$175 million).

The 28,986sqft freehold property is about a five-minute walk from the Somerset MRT station and is home to a mix of retail, food and beverage, and entertainment businesses. Its location also benefits from foot traffic generated by the surrounding commercial and residential precinct.

Frasers already owns about 96 per cent of the retail units by strata area in the freehold front plot of The Centrepoint and wholly owns 51 Cuppage Road, a 10-storey office building directly connected to the mall.

The acquisition expands its assets around The Centrepoint, the group’s flagship in Orchard Road.

CEO Soon Su said consolidating ownership across the precinct would enable a more coordinated approach to asset enhancement and operations.

“Together with the strengthening of ownership of The Centrepoint, this enables us to unlock synergies across adjacent sites and better position our properties to contribute to the ongoing transformation of Orchard Road, aligned with the government’s long-term vision for Singapore’s premier lifestyle destination,” Su said.

Following the acquisition, Frasers Property will manage the Cuppage Terrace cluster of 17 shophouses, with existing operations continuing as usual.

• Further reading: Frasers Group acquires ailing Harvey Nichols UK business.