Wharf Real Estate Investment (1997) sells the Wheelock Place development on Singapore's Orchard Road for S$1.11 billion (HK$6.73 billion) to Hongkong Land, made through Hongkong Land's Singapore Central Private Real Estate Fund on Thursday.
Upon completion, Wharf Real Estate Investment is expected to record an unaudited profit of about HK$1 billion.
The deal will give the fund ownership of the development, which includes the Wheelock Place mall on Orchard Road, an iconic precinct in Singapore popular among tourists and wealthy shoppers.
Wheelock Place is situated at 501 Orchard Road, Singapore 238880. It comprises a 21-storey commercial building and two basement levels incorporating offices, shopping podium and car parks, with a total gross floor area of approximately 43,280 square meters.
Hongkong Land, listed in Singapore and majority owned by Jardine Matheson, said the acquisition would lift the Singapore Central Private Real Estate Fund's assets undermanagement to S$9.4 billion, moving it toward its S$15 billion target.
Launched in February, the fund also holds stakes in prime commercial properties including Asia Square Tower 1 and One Raffles Link.
Reuters and staff reporter
