IOI Properties lands Singapore site with record S$2.57b bid

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 Quay-Shenton 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.

“The site is ideally located within the Marina Bay area – Singapore’s premier financial and business district. The future development will be linked directly to the surrounding developments at One Raffles Quay, Marina Bay Financial Centre, as well as the office clusters at Raffles Place and Shenton Way via an extensive network of at-grade, underground and overhead pedestrian links."