A Wharf Real Estate Investment Company (Wharf REIC) subsidiary signs a contract with a Hongkong Land affiliated buyer to sell the target enterprise that owns Wheelock Place on Orchard Road in Singapore for SGD1.11 billion (USD864.8 million).
Singapore law firms Lee & Lee and Allen & Gledhill advised on the transaction.
The vendor was expected to record an unaudited gain of around HKD1.01 billion (USD 128.8 million), which would be used to reduce debt, Wharf REIC said in an announcement. The transaction is expected to be completed by the end of August 2026.
On 30 July, Wharf REIC and Hongkong Land issued separate announcements on the Wheelock Place transaction. Wharf REIC said it had entered into an agreement through its indirectly wholly owned subsidiary, Star Attraction, to sell the target company, Everbilt Developers, to Singapore Central Private Real Estate Fund (SCPREF). The target company’s sole core asset is Wheelock Place at 501 Orchard Road, Singapore.
The Hongkong Land announcement said its private fund, SCPREF, had entered into a definitive agreement with Wharf REIC to acquire Wheelock Place. SCPREF was established on 3 February 2026.
Lee & Lee advised the vendor, Wharf REIC. The team was led by Adrian Chan, senior partner and head of the corporate practice; Liane Lim, corporate partner; Kwa Kim Li, managing partner of the real estate group; and Bernice Gan, real estate partner.
Allen & Gledhill advised the buyer.
Wharf REIC is a listed company under Wheelock and it is managed by Peter Woo, son-in-law of the late shipping tycoon Yue-Kong Pao. The company owns landmark properties including Harbour City and Times Square in Hong Kong.
Wheelock Place is a 21-storey commercial building with two basement levels. It comprises a shopping podium, offices and carparks, with a total gross floor area of 43,280 square metres.
Michael Smith, chief executive of Hongkong Land, said in the announcement: “SCPREF was created to acquire assets of a calibre that rarely come to market, and Wheelock Place is precisely that. To have secured this premium asset within months of the fund’s launch reflects both the effectiveness of our fund management team and the confidence of our capital partners.”
