KUALA LUMPUR, Sept 29 — IOI Properties Group Bhd’s wholly-owned subsidiary, Boulevard View Pte Ltd has successfully tendered for a leasehold land measuring  0.78 hectares at Marina View in Singapore for a tender consideration of S$1.51 billion (RM4.6 billion).

In a filing with Bursa Malaysia today, IOI Properties said the tender consideration would be fully satisfied in cash and it is expected to be funded via bank borrowings and/or internally generated funds.

It added that the land tender represents an attractive and viable opportunity for the group to venture into a mixed-use development, comprising residential, hotel and commercial elements in the Marina Bay area, which is Singapore’s prime business and financial precinct.

"Details of the proposed development to be undertaken on the land has yet to be finalised at this juncture as the development plans are still at the preliminary stage,” said IOI Properties.

Barring any unforeseen circumstances, the land tender is expected to be completed by the fourth quarter of the calendar year 2021, the group said. — Bernama