LHN announces JV with Oxley's Ching to acquire Wilmer Place for $26.5 mil
By The Edge Singapore
/ EdgeProp Singapore |
Wilmer Place, a four-storey conservation building, will be refurbished and converted into a Coliwoo co-living space (Photo: Google Maps)
LHN announced on April 9 that it will be setting up a joint venture company with Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings, and his son Shawn Ching to acquire the property Wilmer Place at 50 Armenian Street. The purchase price was $26.4 million, excluding GST.
Coliwoo Holdings, a unit of LHN, will hold 50% of the JV company, Ching Chiat Kwong will hold 45%, and his son Shawn Ching will hold the remaining 5%. Coliwoo and the Chings will contribute $24 million each.
Wilmer Place at 50 Armenian Street is within the heart of the civic district (Source: EdgeProp Landlens)
The joint venture partners are likely to undertake asset enhancements, with LHN as the project manager. The property will then be managed as a Coliwoo brand co-living space.
50 Armenian Street is located within the civic district, fronting a pedestrian boulevard and opposite the Peranakan Museum and The Substation, a contemporary arts centre. It's also close to Fort Canning Park and the Singapore Management University campus.
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