Hongkong Land announced on Thursday, July 30th, 2026, that it will acquire Singapore’s Wheelock Place for approximately S$1.1 billion (US$900 million) through its Singapore Central Private Real Estate Fund (SCPREF). This marks SCPREF’s first acquisition since its launch in February 2026.

The mixed-use commercial property, located on Orchard Road, is being purchased from an entity owned by the Hong Kong-listed Wharf Real Estate Investment Company. The transaction is expected to conclude by the end of August 2026.

Wheelock Place is a 21-storey building comprising offices, a retail podium, and two basement levels with shops and car parks. It has a gross floor area of about 43,280 square metres (466,000 sq ft) and is directly connected to the Orchard MRT station.

Following the acquisition, SCPREF’s assets under management will increase from S$8.2 billion to S$9.4 billion, moving closer to its target of about S$15 billion. The agreed purchase price aligns with a recent independent valuation.

Hongkong Land, which manages SCPREF and is its largest unit holder, stated it will inject additional equity to maintain its majority stake after the acquisition. This move is part of Hongkong Land’s broader efforts to expand its fund-management business in Singapore’s central business district and Orchard Road precinct.

Sources