Savills Singapore facilitates the off-market sale of Wilmer Place, a historic four-story building, to Jadeite Properties Pte Ltd, marking a significant transaction in Singapore’s Civic & Cultural District.
Singapore, 9 May 2024 – Savills Singapore, acting as the exclusive marketing agent, announces the successful off-market sale of Wilmer Place at 50 Armenian Street. The property, previously owned by Wilmer and Sons Private Limited, has been acquired by Jadeite Properties Pte Ltd, a 50:50 joint venture between Coliwoo Holdings Pte. Ltd. (a subsidiary of LHN Group) and Macritchie Developments Pte. Ltd. (owned 90% by Ching Chiat Kwong and 10% by Shawn Ching), for a total of $26.5 million based on the remaining 22 years of tenure of the Property.
Located in the historic Armenian Street, Wilmer Place is a four-story non-conservation building nestled within Singapore’s Civic & Cultural District. Once a bustling thoroughfare, Armenian Street is now a pedestrian-friendly area adorned with cultural landmarks such as The Peranakan Museum and the Substation. The vibrant neighborhood surrounding Wilmer Place offers a diverse tapestry of tourist attractions, educational institutions, and cultural hubs, making it an appealing investment opportunity.
Dr. Brian Heng, Director of Wilmer and Sons Private Limited says, “Wilmer Place at 50 Armenian Street has had a very long association with the Heng family since 1948. The divestment of Wilmer Place is part of the Group’s capital recycling strategy. We are pleased that this Singaporean JV will be the new Owner of this charming iconic building.’’
Mr. Kelvin Lim, Executive Chairman and Group Managing Director of LHN Group says, “LHN is excited to join the vibrant civic & community at Armenian Street with the acquisition of Wilmer Place. Wilmer Place’s distinctive location and rich heritage will bring a new dimension to our Coliwoo co-living collection. We look forward to weaving our dynamic community into the vibrant tapestry of this locale, enriching its cultural landscape while honouring its history.’’
Sophia Lim, Director, of Investment Sales & Capital Markets at Savills Singapore, comments, “Savills is pleased to have executed the sale of Wilmer Place via a low-key private treaty and create a win-win outcome for both parties. The building is situated within the civic & cultural precinct of Armenian Street that is steeped in cultural history, and we look forward to its exciting transformation that will take place in the near future.”
