Frasers Property Buys Cuppage Terrace for S$175 Million, Adding 17 Conservation Shophouses Next to The Centrepoint
Frasers Property has acquired Cuppage Terrace, a cluster of 17 conservation shophouses in the Orchard Road area, for an agreed property value of S$175 million. The asset sits directly next to The Centrepoint, Frasers’ flagship Orchard Road holding, and the purchase follows the group’s successful collective sale tender for the leasehold rear plot of The Centrepoint in February.
Agreed Value
Conservation Shophouses
Gross Floor Area
Remaining Lease
The Asset
Frasers described the asset as a “distinctive lifestyle enclave” with Peranakan-style shophouses and a “vibrant mix of food-and-beverage, entertainment and nightlife offerings”, in a statement on 31 August.
Cuppage Terrace has a total gross floor area of 34,678 square feet, excluding the outdoor refreshment area, and 62 years left on its 99-year lease. It is located next to The Centrepoint, Frasers’ flagship asset in Orchard Road.
Building a Contiguous Orchard Holding
The purchase follows Frasers’ successful collective-sale tender for the leasehold rear plot of The Centrepoint for S$391.9 million in February.
Frasers is the majority shareholder in the freehold front plot at The Centrepoint, and owns 96 per cent of the retail units by strata area. It also fully owns 51 Cuppage Road, a 10-storey office building directly connected to The Centrepoint.
With the addition of Cuppage Terrace to its portfolio, Frasers wants to take a more coordinated approach to asset enhancement and long-term value creation. Soon Su Lin, chief executive of Frasers Property Singapore, said the move “enables us to unlock synergies across adjacent sites and better position our properties to contribute to the ongoing transformation of Orchard Road”. The company will continue to explore long-term opportunities to enhance its Orchard Road assets.
Frequently Asked Questions
What did Frasers buy and for how much?
Cuppage Terrace, a cluster of 17 conservation shophouses in the Orchard Road area, for an agreed property value of S$175 million. The asset has a total gross floor area of 34,678 sq ft excluding the outdoor refreshment area, and 62 years left on its 99-year lease.
What else does Frasers own in the area?
Frasers is the majority shareholder in the freehold front plot at The Centrepoint and owns 96 per cent of the retail units by strata area. It bought the leasehold rear plot for S$391.9 million in February and fully owns 51 Cuppage Road, a 10-storey office building directly connected to The Centrepoint.
Why does this matter for Orchard Road?
Frasers said the addition allows a more coordinated approach to asset enhancement and long-term value creation, unlocking synergies across adjacent sites and better positioning its properties to contribute to the ongoing transformation of Orchard Road.
Own a shophouse or strata retail near Orchard?
Site assembly by a major developer tends to lift what neighbouring owners can command. If you hold property in the Orchard or Somerset area, I can tell you how it is trading and whether now is a moment worth acting on.