Hongkong Land has agreed to acquire the Wheelock Place complex in Singapore for approximately S$1.1 billion (US$900 million).
The transaction is being executed through the company's Singapore Central Private Real Estate Fund (SCPREF), marking the fund's inaugural acquisition since its launch in February.
The seller is an entity owned by Wharf Real Estate Investment, a fellow member of the Li Ka Shing group.
The deal underscores Hongkong Land's strategy to deploy capital in high-quality Singapore assets through its dedicated fund structure.
By utilizing SCPREF, the developer can attract external capital for regional investments while maintaining control over asset selection.
The acquisition of a prime Orchard Road property aligns with the fund's mandate to target core commercial real estate in the city-state.