Rodyk acted for the RB Capital Group Singapore in its acquisition of 16 ground floor river fronting retail units at The Quayside Singapore, and the adjoining Gallery Hotel Singapore for a total of S$301.5 million.
The retail units at The Quayside Singapore have a leasehold interest of slightly over 80 years, and its acquisition gives the RB Capital Group a 40% share value in the mixed development which also comprises 79 residential apartments. The transaction price of S$69 million works out to about S$2,110 per sq ft based on the retail units’ total leasable area of approximately 33,000 sq ft. Real estate partner Norman Ho led the transaction, supported by associate Goh Chern Fern.
The Gallery Hotel Singapore is a freehold 10-storey boutique with a gross floor area of approximately 153,700 sq ft. The transaction price of S$232.5 million translates to just over S$1 million per room.
With the strategic acquisitions, the RB Capital Group is well-placed to refresh and reconceptualise the entire area as a quality modern food and beverage, retail and lifestyle hub. Real estate partners Norman Ho and Lee Chau Hwei and intellectual property & technology partner Catherine Lee, together with associates Ngaim Yi Ling and Jamie Tan, act in this second acquisition.
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