Ossia’s Goh family picks up S$73 million bloc of 18 strata units at Orchard Shopping Centre

[SINGAPORE] The Goh family behind Ossia International has bought a portfolio of 18 freehold strata-titled retail units at Orchard Shopping Centre for S$73 million, amid a recent pick-up in deal activity and interest in Singapore’s prime shopping belt.

The acquisition price works out to S$8,171 per square foot (psf) on a strata area of 8,934 square feet (sq ft). The portfolio, owned and managed by JLL affiliate LaSalle Investment Management, comprises two ground-floor units occupied by Maybank and 16 strata units on the second floor tenanted by RHB Bank and Xiao Long Kan Hotpot.

The price tag is some 19 per cent lower than the previous asking price of S$90 million, when the property was marketed in 2022.

The Business Times understands that although prospective buyers showed genuine interest four years ago, the transaction did not materialise – largely because the unfavourable interest rate environment had an impact on financing costs and the overall investment appetite.

The Goh family plans to enhance the units’ facades and frontages as part of a longer-term asset enhancement strategy, to further strengthen visibility and overall appeal. But as Orchard Shopping Centre is undergoing an en bloc process, the buyer will likely adopt a prudent “wait-and-see” approach, and upgrades will be evaluated once there is greater clarity on the collective-sale outcome, understands BT.

Colliers Singapore is understood to have brokered the deal.

Ossia International, which deals in consumer products, brought Australian retailer Harvey Norman to Singapore.

In December 2025, the company – through a special purpose vehicle – acquired a leasehold property at 21 Tan Quee Lan for S$14 million from Santa Grand Investments.

Undergoing en bloc proceedings

The owners of Orchard Shopping Centre, built by Far East Organization, are exploring a collective sale.

This will be the first time the owners of the ageing strata-titled building are attempting an en bloc sale. A collective sale committee has been formed and they have appointed AlpsEdge Real Estate and Brilliance Capital as joint marketing agents.

No price indication has been decided by the committee yet, as the process is still at an early stage, said Tan Hong Boon, executive director of AlpsEdge.

Far East Organization owns more than 53 per cent of the building’s strata area and close to 50 per cent of the share value.

The group, one of the country’s pioneer retail developers, built several strata-titled commercial developments along Orchard Road, including Far East Shopping Centre, Far East Plaza, Lucky Plaza and Orchard Plaza.

Happening district

Singapore’s prime shopping belt has sizzled with en bloc activity recently.

Asset owners and investors are banking on a long-hoped-for rejuvenation of a dense retail stretch where the performance of different malls has been uneven. While several properties have undergone major asset enhancement exercises and reconfigured facades and floor space, others are little changed and are ripe for a revamp.

Orchard Road has always been regarded as one of Singapore’s most tightly held and prestigious retail corridors, with many assets controlled by long-term institutional or family ownership, said a seasoned industry player.

The recent increase in listings has heightened investor attention, not because demand is new, but because opportunities along Orchard Road remain exceptionally scarce, he added.

Frasers Property, developer of The Centrepoint, bagged the rear block of the development for S$391.9 million, or S$2,577 per square foot per plot ratio (psf ppr). The en bloc acquisition will allow the group to consolidate adjoining sites that are already in its portfolio for a major redevelopment in the future, and tap the government’s Strategic Development Incentive (SDI) scheme for bonus floor area when rebuilding.

Nearby Cuppage Terrace was put up for sale about two weeks after The Centrepoint’s rear block went on the market, in an expression of interest exercise that closed on Feb 12. Marketing agent CBRE declined to comment when asked about the results. The strip of 17 conservation shophouses on a 28,986 sq ft site was valued at S$250 million.

In January, a freehold six-storey building at 228 Orchard Road was listed on a property portal at an asking price of about S$440 million, or S$9,929 psf. Checks by BT showed that the owner of the building – formerly Orchard OG – is OG Pte Ltd.

Located next to Midpoint Orchard, the building was completed in 1979 and sits on a site of about 8,870 sq ft, with a floor area of 44,315 sq ft, according to the listing. The property is currently leased to educational institution Amity Global Institute, which opened an Orchard Road campus in 2024.

In November 2024, Concorde Hotel and Shopping Mall was sold to its majority owner Hotel Properties Ltd (HPL) for S$821 million, or about S$1,804 psf ppr.

In the same month that year, a Boustead Singapore-led joint venture was seen putting Como Orchard on the market with an asking price of about S$680 million.

A Boustead spokesperson told BT that since putting the freehold hotel and retail building up for sale, the group has received “a healthy pipeline of inquiries”.

“With interest rates lowering over the course of last year, interest in the property has picked up. However, we are not able to provide more colour on offers at this stage and there is no certainty that they will lead to a transaction. We will make the necessary announcements should there be any material developments,” the spokesperson added.

In May 2024, City Developments Ltd (CDL) bought out Delfi Orchard for S$439 million, or S$3,346 psf ppr. While the group has considered amalgamating Delfi with neighbouring Claymore Connect and Orchard Hotel to create a sizeable mixed-use development, CDL’s group chief executive Sherman Kwek said on Friday (Feb 27) at the company’s earnings briefing that the project will not start in the near term to avoid putting financial strain on the group.

A CDL spokesperson noted that the group’s current focus is to operate these assets well and maximise income. “This ensures that we generate strong returns in the near term while keeping the option open for longer-term repositioning by tapping on redevelopment schemes such as the Urban Redevelopment Authority’s SDI.”

One major revamp on the cards is HPL’s proposed redevelopment of three of its Orchard Road properties: Forum The Shopping Mall, the voco Orchard Singapore hotel, and HPL House.

Since HPL obtained provisional permission in 2023 to rebuild the sites into a massive mixed-use project with a hotel, residential towers as well as retail and office space, little news has emerged on the progress of the plans. The company is said to be looking to sell majority stakes in Forum and voco, and a joint venture for the redevelopment project has been cited as a possibility.