IOI Properties’ landmark new development, IOI Central Boulevard Towers, in Singapore’s Central Business District (CBD) is taking over six years to be completed. But the Malaysian group is buoyed by strength in Singapore’s Grade A office market and the securing of Amazon as an anchor tenant.

IOI’s Singapore unit snared the white site at Central Boulevard near Marina Bay, where it is building IOI Central Boulevard Towers, for S$2.57 billion or S$1,689 per square foot per plot ratio in November 2016. The new development, which could be completed in 2023, will comprise a 48-storey tower, a 16-storey tower and a seven-storey podium with about 1.26 million square feet (sq ft) of Grade A office space and 30,000 sq ft of retail space.

Taking several years to complete the development can be painful for the developer as there are substantial financing costs. As the project has no residential component, there is no cash inflow from pre-sales of uncompleted homes.