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Billionaire Asok Kumar Hiranandani’s Royal Group Buys Singapore Property At Record Price

By December 21, 2022No Comments

Royal Group of Companies—controlled by billionaire Asok Kumar Hiranandani—is buying the Ming Arcade on the edge of the Orchard Road shopping district for S$172 ($126.6 million), setting a record price for Singapore commercial properties as the Lion City continues to defy the global property downturn. The freehold property—which is surrounded by luxury hotels and prime residential developments including the Four Seasons Hotel and St Regis Hotel & Residences—was sold at S$3,125 per square foot per plot ratio, beating the previous price set by Hong Kong casino billionaire’s Pansy Ho’s Shun Tak Holdings in 2018 when it bought the Park House condominium for S$375.5 million (equivalent to S$2,910 per square foot per plot ratio), marketing agent Savills Singapore said in a statement on Friday. “Ming Arcade used to be an urban and vibrant lifestyle hub back in the 1980s and we are pleased and eager to embark on the rejuvenation of this enclave of Orchard Road precinct and restore the grandeur it deserves,” Royal Group of Companies Chairman Asok Kumar Hiranandani and his son Bobby Hiranandani, who is the family office’s co-chairman, said in the statement. “At Royal Group of Companies, we have set a track record of enhancing the districts in which we invest, develop and operate while looking forward to setting new heights.” PROMOTED The Royal Group plans to redevelop the seven-story Ming Arcade, which sits on a 12,132-square-foot (1,127-square-meter) plot of land along Cuscaden Road. Zoned as a commercial property with an allowable gross floor area of 55,046 square feet, the property can be built up to a maximum height of 20 stories, according to Savills. Ming Arcade was hotly contested, with Royal Group offering to buy the property at a 34% premium above the reserve price. “A large number of buyers evaluated Ming Arcade and we received multiple bids,” Jeremy Lake, managing director for investment sales and capital markets at Savills Singapore, said in the statement. MORE FROMFORBES ADVISOR Best Travel Insurance C


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