SINGAPORE: IOI Properties Group Berhad (IOI Properties) and Hongkong Land today announced the signing of a Memorandum of Agreement and subject to certain regulatory and other approvals they will jointly develop and manage a prime land of approximately 1.1 hectares (118,400 sq. ft) strategically located within Marina Bay and the Central Business District of Singapore.
The site to be developed was a “white” site in the Government Land Sales Programme. It was awarded to IOI Properties following a tender in November 2016. The site 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.
Representing IOI Properties at the signing were Tan Sri Dato’ Lee Shin Cheng, Executive Chairman; Mr Lee Yeow Seng, Chief Executive Officer and Dato’ Lee Yeow Chor, Non-Executive Director.
Representing Hongkong Land were Mr Ben Keswick, Chairman and Managing Director; Mr Robert Wong, Chief Executive; Mr Simon Dixon, Chief Financial Officer and Mr Robert Garman, Executive Director, Commercial Property, South Asia. Upon completion of the proposed joint venture structure, IOI Properties will hold 67% of the joint-venture company and Hongkong Land will hold 33%.
“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 Mr Lee Yeow Seng, Chief Executive Officer of IOI Properties in a statement.
“Our new joint venture allows Hongkong Land to expand its portfolio of prime commercial properties in Marina Bay and demonstrates 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,” said Mr Robert Wong, Chief Executive of Hongkong Land.