IOI Properties tenders for RM7.77 bil Singapore land

KUALA LUMPUR (Nov 11): Property developer IOI Properties Group Bhd has tendered for a 1.09ha parcel of leasehold land in Central Boulevard in the Republic of Singapore for S$2.57 billion (RM7.77 billion).

However, the details of the proposed development to be undertaken on the land have yet to be finalised, the company said in a filing with Bursa Malaysia today. 

IOI Properties said the tender was via its wholly-owned subsidiary Wealthy Link Pte Ltd, who had submitted the bid to the republic’s Urban Redevelopment Authority.

It said the land is located within the Marina Bay area which is Singapore’s premier financial and business district, and is prominently located opposite Lau Pa Sat (also known as Telok Ayer Market), with close proximity to prestigious commercial developments such as One Raffles Quay and Marina Bay Financial Centre, indirectly making it a much sought after site for a prime office development.

“The future development on the land will be linked directly to the surrounding developments at One Raffles Quay and Marina Bay Financial Centre, as well as office clusters at Raffles Place and Shenton Way via an extensive network of at-grade, underground and second (2nd) storey 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, offering easy access to the rail network,” said IOI Properties.

It added that the gross development value and gross development costs of the proposed development to be undertaken on the proposed land have yet to be ascertained at this juncture, as the project development plans are still at a preliminary stage.

At 2.17 p.m., IOI Properties was down 1.67% to RM2.35, for a market capitalisation of RM10.37 billion. — theedgemarkets.com