Scotts Square mall changes hands for $310 mil, wrapping up Wharf REIC’s Singapore portfolio divestment
The sale at 31% below its $450 million 2024 guide price signals pricing discipline among buyers and may influence valuations of Orchard retail assets.
Wharf REIC sold Scotts Square’s 130,875 sq ft retail podium to Royal Capital and RB Capital for $310 million, or $2,368 psf.
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Hong Kong-based firm Wharf Real Estate Investment Company (Wharf REIC) has sold the retail podium of Scotts Square in Orchard for $310 million.
Spanning four storeys, the retail space has a gross floor area of around 130,875 sq ft. This translates to a price of $2,368 psf.
The joint buyers are Royal Capital and RB Capital, The Business Times reported on Sept 9.
The sale, brokered by CBRE, concludes Wharf REIC’s divestment of its Singapore portfolio as it exits the city-state.
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It follows the recently completed sale of Wheelock Place for $1.11 billion in July, according to law firm Lee & Lee, which advised Wharf REIC on the sale of both properties. The mixed-used development along Orchard Road was acquired by Hongkong Land Holdings through its Singapore Central Private Real Estate Fund.
Completed in 2011, Scotts Square is a mixed-use development situated between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza Hotel. It comprises a retail podium and two luxury residential towers, which house a total of 338 apartments.
Prior to this sale, Scotts Square first entered the market in 2024 with a guide price of $450 million.
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