Wilmer Place, a property under the umbrella of Wilmer and Sons Private Limited, has recently been sold for $26.5 million, reflecting the value for its remaining 22-year tenure. The buyer is Jadeite Properties Pte Ltd, a joint venture equally shared by Coliwoo Holdings Pte. Ltd., part of the LHN Group, and Macritchie Developments Pte. Ltd., which itself is predominantly owned by Ching Chiat Kwong with Shawn Ching holding a minor stake.
Positioned at 50 Armenian Street, Wilmer Place is a four-story non-conservation structure within Singapore’s historic Civic & Cultural District. Originally coined Armenian Church Street, due to the presence of the Armenian Church of St Gregory the Illuminator from the 1840s, this street has evolved from a four-lane thoroughfare to a pedestrian zone in 2019. The area is now an integral part of the district and is recognized for landmarks such as The Peranakan Museum and the Substation. During events like the Singapore Night Festival, the street is transformed with illuminations, performances, and pop-up shops, contributing to the area’s vibrant cultural landscape.
Dr. Brian Heng, a representative of Wilmer and Sons Private Limited, remarks that Wilmer Place has been associated with the Heng family since 1948. The decision to divest is part of the company’s strategy to recycle capital. He expresses contentment in passing the ownership of this renowned building on to the Singaporean joint venture.
Mr. Kelvin Lim of the LHN Group, expresses enthusiasm in joining the Armenian Street community through this acquisition. He envisions that the unique location and historic significance of Wilmer Place will add value to the Coliwoo co-living series and contribute positively to the cultural vibrancy of the neighbourhood.
Sophia Lim from Savills Singapore, reflects on the successful discreet private treaty sale of Wilmer Place. She highlights the building’s position in the culturally historic precinct of Armenian Street and anticipates a significant transformation for the site in the coming years.
For more information, visit the Savills UK website
