Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi—has bought a cluster of prime food and beverage shophouses in the Orchard Road shopping belt for S$175 million ($138 million) from privately held Royal Holdings.

The acquisition of Cuppage Terrace comes six months after the Singapore-listed developer bought the plot behind The Centrepoint shopping complex for S$392 million. With Frasers Property owning the mall and the adjacent properties, the group could take a more coordinated approach to........

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