A JOINT venture (JV) between LHN’s Coliwoo and Oxley’s Ching Chiat Kwong has bought Wilmer Place, a four-storey non-conservation building at 50 Armenian Street, for S$26.5 million.
Wilmer and Sons sold the asset via an off-market private treaty exercise, said exclusive marketing agent Savills on Thursday (May 9).
The buyer, Jadeite Properties, is a 50:50 JV held by Coliwoo, an indirect wholly owned subsidiary of mainboard-listed LHN Group, and Macritchie Developments.
Ching, a prominent Singapore businessman and executive chairman of Oxley, is behind Macritchie Developments. He owns a 90 per cent stake in the company, with the remaining 10 per cent held by his son and Oxley executive director, Shawn Ching.
The JV was established to acquire the property, LHN disclosed in an Apr 9 bourse filing.
Located within Singapore’s civic and cultural district, Armenian Street houses the Peranakan Museum and the Substation. The street used to be a four-lane road before it was pedestrianised in 2019.
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LHN has been steadily adding to its Coliwoo co-living portfolio.
On Apr 21, the High Court granted the sale of GSM Building in Middle Road to Coliwoo for S$80 million, dismissing objections from the minority owners who felt the price was too low.
Separately, on Apr 9, LHN Facilities Management was awarded the tender for a state property in Upper Bukit Timah Road. The group said it intends to develop the site to include co-living spaces operated by Coliwoo.
Weeks after establishing the JV, LHN announced that Macritchie Developments will buy a 20 per cent stake in its subsidiary Coliwoo (TK) for S$20,000. Coliwoo (TK) remains a subsidiary of LHN.
Shares of LHN : 41O 0% were trading flat at S$0.315, as at 1.30 pm on Thursday.
