SINGAPORE, June 12 — IOI Properties Group Bhd and Hongkong Land today signed a memorandum of agreement to jointly develop and manage 1.1 hectares of a prime land here.
The site, which was awarded to IOI Properties following a tender in November 2016, was a “white” site in the Government Land Sales Programme.
“We look forward to working with our partner Hongkong Land on this exciting new development, which will bring office space of the highest quality to Singapore’s premier Central Business District,” said Chief Executive Officer of IOI Properties, Lee Yeow Seng, in a statement here.
The site, strategically located within Marina Bay and the Central Business District of Singapore, is adjacent to One Raffles Quay, and close to Marina Bay Financial Centre.
The scheme envisaged comprises two office towers of approximately 1,260,000 sq. ft of leasable space and a small retail podium of approximately 30,000 sq. ft.
Upon completion of the proposed joint venture structure, IOI Properties will hold 67 per cent of the joint-venture company and Hongkong Land 33 per cent.
Hongkong Land Chief Executive, Robert Wong, said the new joint-venture would allow the company to expand its portfolio of prime commercial properties in Marina Bay.
“It would demonstrate our long-term confidence in the Singapore property market.
‘We are delighted to partner with IOI Properties to deliver the exceptional levels of design, construction and management that our tenants expect,” he said.
In the international front, IOI Properties has project developments not only in Singapore but in China as well.
It has currently a total development land bank of approximately 4,000ha.
Under its investment property portfolio it manages a total of 6.7 million sq. ft. of lettable area, comprising retail, purpose built office and others.
Meanwhile, Hongkong Land, a listed leading property investment, management and development group, owns and manages almost 800,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong and here.
Its Hong Kong Central portfolio represents some 450,000 sq. m. of prime property.
It has a further 165,000 sq. m. of prestigious office space in Singapore mainly held through joint ventures, and a 50 per cent interest in a leading office complex in Central Jakarta. — Bernama