IOI Properties To Acquire Full Control Of Singapore’s South Beach Project In RM2.75 Billion Deal
IOI Properties Group Berhad is set to take full ownership of the iconic South Beach mixed-use integrated development in Singapore, in a strategic move valued at approximately RM2.75 billion (S$834.22 million). The company’s wholly-owned subsidiary, IOI Consolidated (Singapore) Pte Ltd, today entered into a conditional share sale agreement to acquire the remaining 50.1% stake in Scottsdale Properties Pte Ltd from Ascent View Holdings Pte Ltd.
Upon completion of this Proposed Acquisition, IOI Consolidated will hold 100% equity interest in Scottsdale, which is the registered proprietor of the commercial components of the South Beach Property. IOI Consolidated currently holds a 49.9% stake in Scottsdale.
The purchase consideration for the 50.1% stake is based on 50.1% of Scottsdale’s consolidated net assets. This calculation factors in an agreed property value of S$2.75 billion (approximately RM9.05 billion) for the South Beach Property. After accounting for Scottsdale group’s liabilities of S$1.16 billion as of April 30, 2025, the estimated consolidated net assets are S$1.67 billion, leading to the estimated purchase price of S$834.22 million for the 50.1% stake. The final purchase consideration is subject to customary post-completion adjustments.
The South Beach Property is a prominent landmark in Singapore, co-developed by City Developments Limited in partnership with IOIPG. It boasts direct connections to the Esplanade MRT station and City Hall MRT Interchange. The integrated development comprises a 34-storey South Beach Tower with approximately 508,869 square feet of Grade-A office space, 30,797 square feet of retail space at South Beach Avenue, and the 634-room JW Marriott Hotel Singapore South Beach.
IOIPG’s Board of Directors views the Proposed Acquisition as a timely opportunity to significantly enhance its portfolio of high-quality investment properties and hospitality assets in Singapore. As a mature and income-generating asset, the South Beach Property is expected to provide IOIPG with an additional stable and sustainable income stream, aligning with the Group’s corporate objectives.
Crucially, gaining full control and management of the South Beach Property will allow IOIPG to fully integrate its operations. This move, combined with the Group’s existing IOI Central Boulevard Towers, is anticipated to elevate IOIPG’s profile as a major landlord of premium office space and a prominent player in Singapore’s competitive hospitality industry.