SINGAPORE – Hongkong Land Holdings said on July 30 its Singapore Central Private Real Estate Fund would buy the Wheelock Place development on Singapore’s Orchard Road from Wharf Real Estate Investment for $1.1 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.
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 under management to $9.4 billion, moving it towards its $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
