What’s in store for Hongkong Land’s new Landmark in Singapore?

Detailed summary

Rebranding paves the way for a refreshed tenant mix and physical enhancements

Rebranding paves the way for a refreshed tenant mix and physical enhancements

[SINGAPORE] Hongkong Land’s decision to bring its upscale Landmark brand to Singapore signals a new direction for the former Wheelock Place, with retail consultants pointing to opportunities to upgrade its tenant mix and enhance its physical layout.

The Jardine Matheson group’s real estate arm renamed the Orchard Road mall Landmark Orchard on Thursday (Nov 12), in the first use of the Landmark name outside Hong Kong.

The move follows the S$1.1 billion acquisition of Wheelock Place in August by Hongkong Land’s Singapore Central Private Real Estate Fund (SCPREF) from Wharf Real Estate Investment Company.

While Hongkong Land has not disclosed specific plans for its new Singapore property, it said it would look to “enhance the mall by drawing on its experience investing in and managing premium commercial properties across Asia”.

Mall owners in Singapore are upping their game in the fiercely competitive retail trade, pumping in hundreds of millions into asset enhancement incentives (AEIs) to turn unutilised space into lettable area and shaking up their tenant mix. Retail analysts expect Hongkong Land to also invest in improvements.

Foo Pei Teng, chief executive of SCPREF, said: “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.”

In Hong Kong, Landmark sits at the centre of the group’s 12-building Central portfolio, combining retail space across four connected buildings under one concept and integrated with a Mandarin Oriental hotel. Its store directory reads like an A to Z of luxury retail brands, including the largest Hermes store in Hong Kong.

A US$1 billion revamp is now under way at Landmark Hong Kong, with tenants including Louis Vuitton, Hermes, Dior, Tiffany & Co, Cartier and Van Cleef & Arpels shelling out US$600 million collectively on the fit-out of their new stores.

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