IOI Properties, Hongkong Land to jointly develop prime property in Singapore
MALAYSIA-LISTED IOI Properties Group and Hongkong Land have entered into an agreement to jointly develop and manage a land parcel of about 1.1 hectares in Singapore's prime business district.
This land parcel is adjacent to One Raffles Quay and close to Marina Bay Financial Centre. It was awarded to IOI Properties following a tender in November 2016.
The scheme envisaged for the site development comprises two office towers of about 1.26 million square feet of leasable space and a small retail podium of about 30,000 square feet.
IOI Properties will hold 67 per cent of the joint venture (JV) company and Hongkong Land 33 per cent upon completion of the proposed JV structure.
The agreement between the two real estate groups is subject to certain regulatory and other approvals.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%
OUE wins tender to lease, develop new ‘zero-energy’ hotel at Changi Airport’s T2