Raj Kumar and Kishin RK in Exclusive Due Diligence to Buy Scotts Square for About S$320 Million

The father-and-son team of Raj Kumar and Kishin RK is said to be in exclusive due diligence for a purchase of the four-level freehold retail mall in a prime Scotts Road location, just off Orchard Road. The intending buyer has reportedly put up a substantial deposit while conducting due diligence, with a sale agreement expected to be entered into in the first half of September.

Scotts Square is owned by Wharf Estates Singapore, a wholly owned subsidiary of Hong Kong-listed Wharf Real Estate Investment Company. The mall was marketed by CBRE in the first half of this year through an expression-of-interest exercise at a guide price of S$380 million, about 15 per cent below the S$450 million sought in 2024.

The approximately S$320 million price tag is below both of these earlier guide prices.

At about S$320 million, the price reflects approximately S$4,175 per square foot on the mall’s net lettable area of nearly 76,660 sq ft. With a strata area of 114,786 sq ft, the price works out to S$2,788 psf. On the gross floor area of nearly 130,900 sq ft, the psf price is S$2,445.

Scotts Square mall is part of a mixed development that also includes two residential towers. The mall has about 43.3 per cent share value in the strata-titled development, while the owners of the apartments in the residential towers hold the remaining 56.7 per cent. The retail and residential components each has its own car park within the development.

The mall has potential for substantial refurbishment and repositioning. A redevelopment is not expected in the medium term, as such an exercise would entail a collective sale for the entire complex comprising both the retail and residential components.

Raj Kumar is the founder of Royal Brothers group, while his son Kishin controls RB Capital. Between them, they hold a significant Singapore property portfolio that includes InterContinental Singapore Robertson Quay, Holiday Inn Express Singapore Clarke Quay, Holiday Inn Singapore Little India and Hotel 1900 in Mosque Street.

They also hold retail assets such as The Quayside along the Singapore River and The Woodgrove in Woodlands, as well as office assets such as 25 North Bridge Road, RB Capital Building in Malacca Street, and HSBC Building at 33 Jalan Sultan Ismail, Kuala Lumpur.

Separately, Raj Kumar’s Royal Holdings has inked a S$175 million deal to sell Cuppage Terrace, a row of 17 conservation shophouses off Orchard Road next to The Centrepoint, to Frasers Property. The sale is expected to be completed in a fortnight.

The potential sale of Scotts Square comes shortly after Wharf Real Estate Investment Company, in July 2026, inked a deal to sell Wheelock Place in Orchard Road to Hongkong Land’s Singapore Central Private Real Estate Fund (SCPREF) for S$1.1 billion. That transaction is expected to be completed by the end of August 2026.

Bloomberg had earlier reported in July 2026 that Kowloon Wharf planned to divest both of its Orchard Road shopping centres, Wheelock Place and Scotts Square, signalling a broader exit from Singapore’s retail property market.