Investment firms Royal Holdings and RB Capital have entered into an agreement to acquire Scotts Square shopping centre in Singapore for $245 million (S$310 million) from Wharf Estates Singapore.
Scotts Square is a four-storey shopping centre with a luxury focus on Scotts Road, just off the Orchard Road shopping precinct. The centre has a gross floor area of 130,875sqft and a net lettable area of about 76,660sqft. The space is known for high-end art installations.
Brokered by CBRE, the deal is expected to close before the end of the calendar year. The property was first advertised at $346 million in 2024, before its asking price dropped to $300 million.
The Business Times reported in August that RB Capital and Royal Holdings began enquiries at around $253 million, before completing due diligence.
Hermes, Christian Louboutin and Vivienne Westwood lead Scotts Square’s luxury offering. These brands are joined by well-known streetwear and technology brands, which together ensure a near 99 per cent occupancy rate.
