SINGAPORE: IOI Properties Group Bhd (IOIPG) acquired CapitaLand Integrated Commercial Trust’s (CICT) 100% interest in Asia Square Tower 2 (AST2) for approximately RM7.70bil. The transaction was executed based on a mutually agreed property value after an independent valuation by Savills, reflecting an approximate RM155.45mil discount to the market appraisal.
The put and call options agreement was inked today between HSBC Institutional Trust Services (Singapore) Limited in its capacity as the Trustee of CapitaLand Commercial Trust which is a wholly owned sub-trust of CICT and IOI Marina View Pte Ltd, a wholly owned subsidiary of IOIPG.
“Singapore remains a cornerstone market for the group, underpinned by its stable socio-political environment and strong global standing as a premier financial and business hub in South East Asia. Singapore attracts multinational corporations, global institutions and top-tier talents, reinforcing its long-term economic resilience. This latest acquisition reflects IOIPG’s continued conviction in prime Singapore assets which offer stable recurring income streams supported by strong market fundamentals. In particular, assets located within the Marina Bay precinct are well-positioned to benefit from sustained demand, limited supply and ongoing urban transformation,” said IOIPG group chief executive officer Datuk Lee Yeow Seng.
AST2 enhances IOIPG’s portfolio with 773,460 sq ft of premium Grade A office space, totalling around RM31.09bil in Singapore’s business district. The property boasts a 95.8% occupancy rate.
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