A row of 17 adjoining Peranakan conservation shophouses, the Cuppage Terrace, is up for sale. According to marketing agent CBRE, this “one-of-a-kind trophy asset” was valued at $250 million last year.
The property, in the heart of Orchard Road, spans a land area of 28,986 sq ft and offers approximately 50,891 sq ft of total floor area including the outdoor refreshment areas, and is now fully leased to various F&B operators.
“For the first time in over 20 years, Cuppage Terrace — Orchard Road's beloved and iconic F&B and lifestyle enclave — is finally on the market," says Clemence Lee, CBRE’s executive director, capital markets, Singapore.
“This is a truly generational asset, rarely brought to market, representing an unparalleled opportunity for investors to acquire a unique asset with a palatable investment quantum of $250 million in the heart of the internationally-recognised Orchard Road,” adds Lee in a Jan 19 announcement.
The property features an expansive 85m prominent road frontage along Cuppage Road. Its prime location places it directly adjacent to The Centrepoint, an iconic mixed-use development comprising a retail mall and residential component, with direct connectivity to Somerset MRT Station.
Just on Jan 6, the leasehold portion of The Centrepoint was put up for collective sale, with a guide price of $418 million.
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According to Lee, Cuppage Terrace is set to be one of Singapore’s largest conservation shophouse offerings. “This is critical because large, contiguous shophouse portfolios are exceptionally rare and almost never remain long on the market.”
Interested parties are invited to present their offers before the exercise closes at 3pm on Feb 12.
Lee notes that over the last five years, investors have been acquiring such assets for their private, long-term portfolios. Previous shophouse deals brokered by CBRE “were all transacted swiftly after their market introduction, underscoring this strong demand”, claims the real estate consultancy.
These deals include the 43 shophouses of The Rail Mall, 12 shophouses of 46-50 Mosque Street, 10 shophouses of 42-45 Mosque Street, 17 shophouses of 17-33 Jalan Sultan and 11 shophouses of 161 Lavender Street.
