Wheelock Place renamed Landmark Orchard after $1.1 billion acquisition by Hongkong Land - The Straits Times

The 21-storey building, which has been in Orchard Road for more than 30 years, houses offices and shops and is directly linked to Orchard MRT station.

SINGAPORE – Wheelock Place has been renamed Landmark Orchard, the first time property group Hongkong Land has used the Landmark name outside Hong Kong.

The new name took effect on Nov 12, three months after Hongkong Land’s Singapore Central Private Real Estate Fund bought the Orchard Road property, the developer announced that day.

The fund agreed in July to pay about $1.1 billion to an entity owned by Hong Kong-listed Wharf Real Estate Investment Company. It was the fund’s first acquisition since its launch in February.

The 21-storey building, which has been in Orchard Road for more than 30 years, houses offices and shops and is directly linked to Orchard MRT station. Existing office and retail tenants will continue to operate under the new name.

Hongkong Land said it plans to improve the property, but did not provide further details.

In Hong Kong, Landmark is at the centre of the group’s Central portfolio, which is undergoing a revamp under a more than US$1 billion (S$1.3 billion) programme.

Foo Pei Teng, chief executive of the Singapore fund, said the group would bring its long-term approach to investing in its properties to Landmark Orchard.

The purchase extends the fund’s reach into Orchard Road from its initial portfolio in the Central Business District. That portfolio comprised Asia Square Tower 1, Marina Bay Financial Centre Towers 1 and 2, One Raffles Quay and One Raffles Link.

The fund is targeting about $15 billion in assets under management. Hongkong Land manages the fund and is its largest unit holder.

Correction note: In an earlier version of the story, we said Wheelock Place was acquired for $1.4 billion. It should be $1.1 billion.

Kang Wan Chern is deputy business editor at The Straits Times.