IOI Prop­er­ties lands S’pore site with record bid

The Sun (Malaysia) - - MEDIA & MARKETING -

PETALING JAYA: IOI Prop­er­ties Group Bhd has won a ten­der for a 1.09ha piece of land in Sin­ga­pore for S$2.57 bil­lion (RM7.77 bil­lion) in a record-break­ing trans­ac­tion.

IOI Prop­er­ties told Bursa Malaysia that its win­ning bid, which was done through wholly owned sub­sidiary Wealthy Link Pte Ltd, is the high­est in ab­so­lute dol­lar quan­tum as well as per square foot per plot ra­tio for a gov­ern­ment land sale site in Sin­ga­pore.

The land is strate­gi­cally lo­cated with a prom­i­nent frontage along Cen­tral Boule­vard and Raf­fles QuayShen­ton Way, the two key roads within Ma­rina Bay and the Cen­tral Busi­ness District (CBD) of Sin­ga­pore.

Worth not­ing is that IOI Prop­er­ties beat six other ten­der­ers, in­clud­ing Te­masek-owned Maple­tree In­vest­ments, Hongkong Land-Che­ung Kong and Cap­i­taLand.

The group said this is an op­por­tu­nity for it to ven­ture into prime of­fice de­vel­op­ment in the CBD of Sin­ga­pore.

“It is en­vis­aged to fur­ther add on to its ex­ist­ing com­mer­cial de­vel­op­ment of South Beach in Sin­ga­pore, which is an iconic mixed-use de­vel­op­ment com­pris­ing of­fice, ho­tel, res­i­den­tial and re­tail com­po­nents in down­town Sin­ga­pore,” it said.

IOI Prop­er­ties ex­ec­u­tive chair­man Tan Sri Lee Shin Cheng ex­pressed his con­fi­dence in the group’s po­si­tion to lever­age on the strong de­mand for prime of­fice space in Sin­ga­pore.

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