(Sept 9): The last Singapore mall owned by Wharf Real Estate Investment Co is being sold to local father-and-son property moguls, marking the end of the Hong Kong firm’s presence in the city state.

The company majority-owned by billionaire Peter Woo is selling Scotts Square in the premier Orchard Road shopping district for S$310 million (US$245 million or RM998 million), according to people familiar with the matter. 

Real estate investors Raj Kumar and Kishin RK are the buyers, the people said, asking not to be identified because the matter is private. The father-son duo oversee office towers, malls and hotels across Singapore, where they are known for acquiring and rejuvenating prime commercial properties.

Wharf didn’t immediately respond to an emailed request for comments. Kishin RK declined to comment.

With Scotts Square containing about 130,900 sq ft (12,160 sq m) of retail space, the deal translates into a price of S$2,368 psf. Bloomberg earlier reported on the firm’s plans to exit its Singapore portfolio, which was valued at HK$7.7 billion (US$982 million or RM4.0 billion) at the end of 2025. 

The other asset, an iconic mall known as Wheelock Place, has been sold to a fund backed by Hongkong Land Holdings Ltd in a S$1.1 billion deal announced in July.

The latest transaction marks the end of a long sales process for Scotts Square, which was originally marketed for S$450 million in 2024. 

Uploaded by Tham Yek Lee