The 21-story building, which took on its new name from Thursday, had been operating as Wheelock Place since 1996, when it was named after its then-owner, Wheelock Properties, which is now Wharf Estates Singapore. It originally opened in 1994 as Lane Crawford Place, according to CNA.
The property was bought by real estate giant Hongkong Land through its Singapore Central Private Real Estate Fund in a deal valued at roughly S$1.1 billion (US$855 million), Forbes reported in late July.
The purchase marked the fund’s first acquisition since its launch in February, according to The Straits Times.
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The LANDMARK Orchard building in Singapore. Photo from Hongkong Land’s press release |
Located at the intersection of Orchard Road, Scotts Road and Paterson Road, the mixed-use development features a retail podium and a 21-story office tower, with direct connectivity to Orchard MRT station.
Orchard Road is among the world’s most expensive retail destinations, according to property consultancy Cushman & Wakefield’s Main Streets Across the World report.
Hongkong Land said in a press release on Thursday that it would leverage its experience in investing in and managing premium commercial properties across Asia to enhance the property, without providing further details.
Existing office and retail tenants will continue to operate under the new name, it added.
The move marks the first time the property group has used the Landmark name beyond Hong Kong, where it owns the upscale commercial complex Landmark.
The fund’s CEO, Foo Pei Teng, said the new name reflects Hongkong Land’s commitment to the quality of experiences it aims to create for tenants, visitors and the wider community.
“Hongkong Land has a long history of investment in its assets and we look forward to bringing that long-term investment approach to LANDMARK Orchard,” Foo said.