(Yicai Global) Dec. 19 -- China's Wheelock and Co. will sell two Singapore shopping malls to its unit Wharf Real Estate Investment for HKD6.4 billion (USD823.8 million).

The pair penned an agreement regarding Scotts Square and Wheelock Place, located in the popular shopping district of Orchard Road, the Hong Kong-based subsidiary said in a statement yesterday, without disclosing the reason behind the transfer.

Singapore is good for property investment as it has a stable economy and is compact in area, Wharf said, adding that the deal should expand its investment portfolio and generate ideal returns. 

Completed in 2011, Scotts Square is a luxury boutique mall that also has residential buildings with a total area of over 5,200 square meters. Wheelock Place, finished in 1993, is larger with over 7,800 sqms.

Last year, Wharf boosted its operating profit by 36 percent to HKD8.8 billion although its revenue fell 13 percent to HKD21.1 billion. 

Editor: Emmi Laine