IOI Properties exercises option over Asia Square Tower 2 holding company; Eppendorf commits RM186m to Penang plant

IOI Properties exercises call option over Asia Square Tower 2 holding company

IOI Properties Group Bhd's wholly owned subsidiary IOI Marina View Pte Ltd exercised its call option on Sept 2 to acquire the entire issued share capital of MVKimi (BVI) Ltd, the holding company of Asia Square Tower 2 in Singapore, with completion to follow under the transaction documents. The S$1.19678 billion estimated cash consideration relates to the MVKimi equity acquisition. IOI Properties separately estimated shareholder-loan repayments of S$1.27743 billion on completion, bringing the indicative aggregate transaction value to S$2.47421 billion.

Under the put and call option agreement, the exercise resulted in the sale and purchase agreement being deemed entered into on Sept 2 between IOI Marina View and HSBC Institutional Trust Services (Singapore) Ltd, in its capacity as trustee of CapitaLand Commercial Trust. Completion remains subject to the terms of the transaction documents. Savills Valuation and Professional Services valued the underlying property at S$2.526 billion as at April 6, 2026, compared with the S$2.476 billion property value stipulated in the transaction documents, according to IOI Properties. The valuation was about 1.98% higher than that stipulated property value. Asia Square Tower 2 is a 46-storey integrated development at 12 Marina View in Singapore's central business district, comprising offices and retail space on the first 31 levels with underground connectivity to the Downtown and Shenton Way MRT stations.

The Westin Singapore occupies the floors above under a master lease with Daisho Development Singapore Pte Ltd running to March 1, 2107. IOI Properties said it intends to hold the property as a long-term, income-generating investment centred on rental income, tenant retention and lease renewals.

Eppendorf leases Penang land for RM186m plant, its first manufacturing facility in Southeast Asia

German life sciences company Eppendorf SE has leased an approximately 11.82-acre site at Bandar Cassia Technology Park in Batu Kawan, Penang, from Penang Development Corporation (PDC) for 60 years for its first manufacturing facility in Southeast Asia. InvestPenang confirmed in a written response to EdgeProp.my that the land, identified as Plot 340A along Jalan Teknologi 3, is leased directly to Eppendorf. The lease consideration was not disclosed.

Eppendorf plans to invest about €40 million, or approximately RM186 million, in the greenfield facility, with construction expected to begin in the fourth quarter of 2026 and production starting gradually in 2028. The plant is projected to employ around 130 people by the end of 2029 across an estimated 172,200 sq ft of built-up area. PDC said Penang recorded RM187 billion in exports of professional, scientific and controlling instruments between 2021 and 2025, representing an average of 72% of Malaysia's total exports in the category.

According to PDC, the site was planned with flexibility for a potential second phase involving additional production, warehousing and office capacity. Eppendorf, which first opened a Kuala Lumpur office in 1995, is aiming for LEED Gold certification for the facility and plans to increase local and regional sourcing over time.

Tun Razak Exchange passes 85% office commitment as Menara Ethos advances toward December start of main construction

More than 85% of office space across Tun Razak Exchange (TRX) has been committed, according to master developer TRX City Sdn Bhd, as the financial district prepares to add about 808,000 sq ft of net lettable area through Menara Ethos. Main construction on the 41-storey tower is expected to begin in December, with the building set to become TRX's tenth.

WCT Holdings Bhd had already accepted a RM600.89 million contract from TRX City subsidiary Pelangi Pasifik Sdn Bhd for the project on Aug 28, a development carried in the Sept 1 edition before the 85%-plus commitment figure and the tower's anchor tenant were disclosed. TRX City said Menara Ethos will house PwC Malaysia's new headquarters on completion, joining roughly 30,000 workers currently based across the 70-acre district. The building will include sky gardens, a dedicated event floor and a centralised business hub, and is designed to achieve WELL Core and Shell certification.

It sits on Lot 20076 and part of Lot 20077 in Section 67 of TRX, with access to the district's MRT interchange, and comprises two basement levels, a four-storey podium and 41 storeys of office, facilities, commercial and mechanical space.

Also on the radar today

Today's roundup

Capital deployment and occupier demand provide the main threads running through today's property news. IOI Properties is advancing a major Singapore office investment, Eppendorf is committing approximately RM186 million to its first Southeast Asian manufacturing plant in Batu Kawan, and TRX has reported more than 85% of its office space committed as another tower moves towards construction. Closer to home, residential activity ranges from the first handovers at Aera Township to Avaland's unconditional Taman U-Thant land acquisition and a proposed 3D-printed luxury bungalow in Semenyih. Bank Negara Malaysia's decision to keep the OPR at 2.75% meanwhile leaves the financing backdrop unchanged as developers and investors continue to deploy capital.