Successful RM7.77 Billion Acquisition of Central Boulevard Land by IOI Properties Group Berhad

IOI Properties Group Berhad (“IOIPG”) wins its bid for a highly sought-after prime land of approximately 10,868.70 square metres (1.09 hectares), 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.

The Group successfully tendered for the prime land at RM7.77bil (SGD2.57bil) via Wealthy Link Pte Ltd, a wholly-owned subsidiary of IOIPG. The bid is the highest in absolute dollar quantum as well as psf ppr for a Government Land Sale (GLS) site in Singapore.

 

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The tender drew seven (7) bids which included international property players such as Temasek-owned Mapletree Investments, Hongkong Land-Cheung Kong and CapitaLand.

This latest addition to its landbank is an opportunity for the Group to venture into prime office development located 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.

Commenting on this successful tender, its Group Executive Chairman, Tan Sri Dato’ Lee Shin Cheng expressed 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.

It is also seamlessly connected to the adjacent Downtown Mass Rapid Transit (‘MRT’) Station, nearby Raffles Place MRT Station and the future Shenton Way MRT Station. The development will be attractive to major financial institutions and multinational corporations. Based on the Group’s experience in developing South Beach, we have strong confidence that we can offer another prime and iconic development at Central Boulevard,” he added.

Current property developments in Singapore undertaken by IOIPG comprising Seascape and Cape Royale at Sentosa Cove, Cityscape at Farrer Park, The Trilinq at Jalan Lempeng are performing well; and its South Beach investment property is enjoying almost full occupancy with renowned multinational tenants including Facebook, Rabobank, Lego amongst other notable international brands. The Group is optimistic that the proposed development of the land will contribute positively to its future revenue stream.

 

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