Royal Holdings and RB Capital to buy Scotts Square for S$310 million

Royal Holdings and RB Capital have entered into a sale-and-purchase agreement to acquire Scotts Square, a four-level freehold retail mall in Singapore, for S$310 million. The acquisition involves purchasing all shares in Wharf Estates Singapore, a subsidiary of the Hong Kong-listed Wharf Real Estate Investment Company.

Located near Orchard Road, the mall features a gross floor area of 130,875 square feet and hosts tenants such as FairPrice Finest, Bang & Olufsen, Vivienne Westwood, Carhartt, and Stussy. The transaction is expected to be completed by the end of the year.

This sale marks a full exit from the Singapore market for Wharf Real Estate Investment Company, following its previous sale of Wheelock Place to Hongkong Land’s Singapore Central Private unit. The buyers, controlled by Raj Kumar and his son Kishin RK, are known for acquiring and renovating high-end commercial properties in Singapore.