Hongkong Land to Acquire Wheelock Place in Singapore for S$1.1 billion

Hongkong Land’s Singapore Central Private Real Estate Fund (SCPREF) will purchase the mixed‑use Wheelock Place on Orchard Road for about S$1.1 billion (US$900 million). The deal, announced in July, is the fund’s first acquisition since its launch in February and is expected to close by the end of August.

The transaction will raise SCPREF’s assets under management to S$9.4 billion, up from S$8.2 billion, moving the fund closer to its target of S$15 billion. Wheelock Place comprises a 21‑storey commercial building with offices, a retail podium and two basement levels, covering roughly 43,280 sqm and linked directly to the Orchard MRT station. Hongkong Land, the fund’s manager and largest unit holder, will inject additional equity to retain its majority stake, aligning the acquisition with its strategy to grow recurring earnings and expand its fund‑management platform.