IOI Properties Group Bhd announced early this week that it had won the bid for a highly-prized parcel of land located along Central Boulevard and Raffles Quay-Shenton Way within Singapore’s prime Marina Bay area.
A successful tender of RM7.77 billion was made for the 2.6-acre site by IOI Properties Group subsidiary Wealth Link Pte Ltd. The sale is a benchmark in terms of absolute dollar quantum as well as price per square foot for a Government Land Sale (GLS) site in Singapore.
The tender exercise drew seven bids, and among the bidders were international property players such as Temasek-owned Mapletree Investments, Hongkong Land-Cheung Kong and CapitaLand.
The group said this latest opportunity would allow it to venture into the lucrative prime office sector in Singapore’s CBD. It will also add to its existing South Beach commercial development, which is shaping up to be an iconic mixed-use project with office, hotel, residential and retail components.
“The site is ideally located within the Marina Bay area – Singapore’s premier financial and business district,” said IOI Properties group executive chairman Tan Sri Lee Shin Cheng.
“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 underground and overhead pedestrian links,” he said.
The project is also connected to the adjacent Downtown Mass Rapid Transit (MRT) Station, nearby Raffles Place MRT Station and the future Shenton Way MRT Station.
Cheng said the development will target major financial institutions and multinational corporations.