Wilmer Place at 50 Armenian Street Sold at $26 Million
50 Armenian Street, Wilmer Place has been sold via an off-market private treaty exercise. Wilmer Place, owned by Wilmer and Sons Private Limited, was sold to Jadeite Properties Pte Ltd – a 50:50 joint venture that is held by 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). The sale price of the property is $26.5 million based on the remaining 22 years of tenure of the property.
Wilmer Place, at 50 Armenian Street, is a four-storey, non-conservation building situated in the historic Armenian Street, a part of Singapore’s Civic & Cultural District. Armenian Street is named after the Armenian Church of St Gregory the Illuminator and was built in the 1840s and originally called Armenian Church Street. The street used to be a four-lane road and was pedestrianised in 2019.
Today, Armenian Street is a part of the beating heart of Singapore’s Civic & Cultural district and home to iconic buildings such as The Peranakan Museum and the Substation. During the Singapore Night Festival, the street will also be lit up and decked with performances and street stores. Wilmer Place boasts a vibrant neighbourhood, surrounded by a tapestry of tourist hotspots, cultural gems, educational hubs, and much more.
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 weave our dynamic community into the vibrant tapestry of this locale, enriching its cultural landscape while honouring its history.’’
Sophia Lim, Director, Investment Sales & Capital Markets at Savills Singapore, said: “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.”
