Wharf Real Estate Investment Co, a name in real estate from Hong Kong wants to leave the Singapore property market completely. They are looking for someone to buy their shops and offices on Orchard Road. The company wants to sell two of its properties. Wheelock Place and Scotts Square. This sale is going to be really big. Will probably be over one billion US dollars. Wharf Real Estate Investment Co is trying to find a buyer, for these properties.
According to sources familiar with the deliberations, the properties were collectively valued at HK$7.7 billion (approx. US$985 million) at the end of 2025. However, Wharf REIC—majority-owned by billionaire Peter Woo—is holding out for a higher premium to finalize its exit from the city-state’s premier shopping belt.
Insiders indicate that the divestment strategy will likely be executed in phases, with Wharf REIC prioritizing the sale of Scotts Square before putting the larger Wheelock Place asset on the block. The luxury shopping center at Scotts Square covers 130,900 square feet and has four stories. It was for sale before with a price guide of S$450 million. No one bought it. Now CBRE Group is trying to sell it for around S$400 million. People in the market say that even though Scotts Square is in a spot, between the Marriott Tang Plaza and the Grand Hyatt its been having some problems. It has people visiting and more tenants leaving compared to similar places.
Regarded as the crown jewel of Wharf’s Singapore holdings, Wheelock Place features a highly recognizable conical glass facade at the intersection of Orchard and Scotts Road. The 21-story development includes seven floors of retail space and a premium office tower housing major multinational corporations. Sources state that Wharf REIC will demand upwards of S$1.5 billion (US$1.1 billion) to part with the iconic asset, which it originally absorbed into its portfolio in late 2019 through a HK$6.42 billion internal restructuring deal with its parent company, Wheelock & Co.
The proposed mega-sale lands in the middle of a massive institutional reshuffle along Orchard Road. Singapore’s Urban Redevelopment Authority (URA) has aggressively pushed a master plan to rejuvenate the aging high-end shopping strip into a modernized, mixed-use green corridor. Nearby commercial assets—such as Far East Shopping Centre, Ming Arcade, and Tanglin Shopping Centre—have all successfully triggered en-bloc or collective sales to private developers eager to ride the wave of the district’s transformation.
However, finding a buyer capable of swallowing a combined US$1 billion-plus price tag for a commercial portfolio may prove challenging. The institutional buyer pool for massive retail plots on Orchard Road remains relatively tight, with the standard for recent mega-transactions in the immediate vicinity set by CapitaLand Integrated Commercial Trust’s acquisition of the luxury Paragon mall for S$3.9 billion. Whether Wharf REIC secures its desired premium or must lower its valuation expectations will serve as a definitive litmus test for institutional confidence in Singapore’s prime retail rebound, though both Wharf REIC and marketing agents have declined to officially comment on the ongoing negotiations.
