A bird in hand for Hongkong Land
SO, Hongkong Land is going to be a partner of IOI Properties Group in the latter's Central Boulevard project in Singapore's Marina Bay area.
And analysts are upbeat about how that's good for IOI. But what's in it for Hongkong Land? Especially when it means entering at a relatively pricey land cost of S$1,689 per square foot per plot ratio (psf ppr) or close to S$2.57 billion in total.
This was the price that IOI paid as the winning bidder for the 99-year leasehold site at a state tender in November 2016. In both psf ppr and absolute dollar quantum, this is a record price for a Government Land Sale (GLS) site in Singapore and considered bullish by analysts.
Well, Hongkong Land had also wanted the site at the time, bidding S$2.13 billion or S$1,…
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