The Great Orchard Road makeover is gathering pace in the Somerset precinct. On Jan 19, less than a fortnight after the leasehold block of The Centrepoint was launched for collective sale, neighbouring Cuppage Terrace — a cluster of 17 Peranakan-style conserved shophouses — was also put on the market for sale via an expression of interest (EOI).

Cuppage Terrace sits on a site area of 28,986 sq ft and carries a 99-year lease from 1989, leaving a remaining lease tenure of about 64 years. The site is zoned “commercial” and is located within the Emerald Hill Conservation Area, just one street away. Located just off Orchard Road, the property boasts a prominent 85m frontage along Cuppage Road.

The property has a total floor area of 50,891 sq ft, which includes more than 12,000 sq ft of outdoor refreshment area (ORA). While no guide price has been disclosed, CBRE notes that the latest valuation in 2025 stood at $250 million. That translates to $4,912 psf based on the total floor area, including ORA. If ORA were excluded, the floor area would be about 38,891 sq ft, and the value would be about $6,428 psf.

Read also: Frasers Property bags The Centrepoint rear plot for $391.9 mil in en bloc sale

With its covered ORA sheltering diners from inclement weather, Cuppage Terrace has evolved into a popular social and nightlife enclave, particularly on Friday evenings and weekends. Its diverse mix of F&B offerings continues to draw both locals and tourists, contributing to the area’s vibrant atmosphere.

Given its scale and Orchard Road location, “Cuppage Terrace is set to be one of Singapore’s largest conservation shophouse offerings,” says Clemence Lee, executive director of capital markets at CBRE, which is handling the sale.

The property is owned by Royal Holdings, a property investment group headed by real estate magnate Raj Kumar, which acquired the asset in 2006. Following several rounds of refurbishment over the years, Cuppage Terrace has evolved into what CBRE describes as “a landmark enclave” along Orchard Road. The shophouses are fully leased.

Tenants contributing to the enclave’s nightlife include restaurant-and-bar concepts such as Al Capone’s, Five Bar and Harry’s. Another anchor tenant is Arena Esports Hotel, an esports-themed hotel operator. The 46-room hotel, which opened in December 2022, occupies about 12,000 sq ft across 11 adjoining shophouses. The space was previously occupied by a co-working operator.

Given its prime location on Orchard Road — Singapore’s premier shopping belt — Cuppage Terrace is expected to attract strong interest from high-net-worth individuals and family offices. “We anticipate robust interest from a diverse spectrum of local and international capital, including family offices, funds and high-net-worth investors, all vying for this one-of-a-kind trophy asset,” says Lee.

The asset could also appeal to a developer eyeing the neighbouring Centrepoint collective sale site. As both properties are held on 99-year leases, they could potentially be redeveloped together, with the lease tenure topped up, Lee adds.

Read also: Part of The Centrepoint, an Orchard Road landmark, enters collective sale market at $418 mil

If the two adjacent sites are amalgamated and redeveloped, a developer could also apply for the Urban Redevelopment Authority’s Strategic Development Incentive (SDI) Scheme, which offers a bonus gross floor area of up to 20%.

Under Secondary Settlement guidelines within the Emerald Hill Conservation Area, a rear extension of up to three storeys may be constructed behind the conservation shophouses, Lee notes.

The EOI for Cuppage Terrace will close on Feb 12.

Check out the latest listings for The Centrepoint properties