The acquisition of the property was completed in August 2026 and was executed by the Singapore Central Private Real Estate Fund (SCPREF). SCPREF is Hongkong Land’s inaugural private real estate fund, established in February 2026. The deal, agreed upon in July 2026, involved the purchase from an entity owned by Wharf Real Estate Investment Company. While earlier reports and an initial version of the *Strait Times* article cited a figure of $1.4 billion, the company and subsequent corrections confirmed the transaction value at approximately S$1.1 billion, equivalent to US$855 million. This represents the fund’s first acquisition since its inception.
The renaming marks a significant branding milestone for the group. “Landmark” has previously been the central name in Hongkong Land’s Hong Kong Central portfolio, which is currently undergoing a revamp program valued at more than US$1 billion (S$1.3 billion). By applying this designation to the Singapore asset, Hongkong Land signals its intent to apply its established standards of property management and tenant experience to the Orchard Road location. This is the first time the group has utilized the Landmark name outside of its home market in Hong Kong.
Located at the junction of Orchard Road, Scotts Road, and Paterson Road, the development has a long history in the region. It opened in 1994 as Lane Crawford Place, housing an outlet of the Hong Kong luxury department store Lane Crawford. Following the closure of the store in 1996, the building was renamed Wheelock Place after its then-owner, Wheelock Properties. The mixed-use complex comprises a retail podium and a 21-storey office tower, featuring direct connectivity to Orchard MRT station. Existing office and retail tenants are expected to continue their operations under the new name.
SCPREF’s initial portfolio, prior to this acquisition, consisted of four premium commercial assets situated within Singapore’s Central Business District: Asia Square Tower 1, Marina Bay Financial Centre Towers 1 and 2, One Raffles Quay, and One Raffles Link. These assets are anchored by leading global firms in financial institutions, technology, media, telecommunications, and professional services. The addition of LANDMARK Orchard diversifies the fund’s geographic exposure within Singapore, moving from the financial hub to the premier retail district.
Foo Pei Teng, chief executive of SCPREF, stated that the group plans to bring its long-term investment approach to the property. “The name LANDMARK Orchard reflects our commitment to the quality of experience we will create for tenants, visitors and the wider community through this property,” Foo said. While Hongkong Land indicated plans to improve the asset, no specific details regarding renovation scope, timeline, or immediate capital expenditure were disclosed in the announcement. The group emphasized that it would draw on its experience managing premium commercial properties across Asia to enhance the site.
Hongkong Land, a member of the Jardine Matheson Group, holds a primary listing on the London Stock Exchange with secondary listings in Singapore and Bermuda. The group manages over US$50 billion in assets, with a lettable area in operation exceeding 1.97 million square meters and another 1.43 million square meters under development. SCPREF is targeting approximately S$15 billion in assets under management, with Hongkong Land serving as the fund manager and its largest unitholder. The acquisition underscores the continued consolidation of premium real estate in Singapore’s gateway cities, where institutional investors are focusing on high-yield, integrated commercial assets with strong retail and office tenancies.
