12 Jun '17, 12pm

IOI Properties and Hongkong Land to jointly develop Marina Bay site

Map showing the location of the white site. Source: URA Malaysian developer IOI Properties Group and Hong Kong-based Hongkong Land on Monday (12 June) signed an agreement to jointly develop and manage a prime 99-year leasehold “white” site in Marina Bay. The deal, which is subject to certain regulatory approvals, will see IOI Properties holding 67 percent of the joint-venture company and Hongkong Land the remaining 33 percent. The 118,400 sq ft plot was awarded to IOI Properties after the firm submitted the top bid of $2.6 billion ($1,689 psf per plot ratio) in a Government Land Sales tender last November. The winning bid was 16 percent higher than the next offer from Singapore’s Mapletree Investments. The site is adjacent to One Raffles Quay and close to Marina Bay Financial Centre. A new mixed-use development is expected to be built comprising two office towers of approx...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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