IOI Properties confirms bidding RM7.77b for Singapore’s Marina Bay plot

Posted:
Source: Star Property
IOI Properties confirms bidding RM7.77b for Singapore’s Marina Bay plot

The bid was a reflection of the steady restoration of investor confidence in the Singapore office market

 

KUALA LUMPUR: IOI Properties Bhd’s unit Wealthy Link Pte Ltd had put in a bid of S$2.568bil (RM7.77bil)  for a piece of land in Singapore’s downtown Marina Bay.

It confirmed on Wednesday that Wealthy Link had submitted a bid for the land to the Urban Redevelopment Authority, which is acting as an agent for and on behalf of the Singapore Government.

“The decision on the award of the tender will be made after all bids have been evaluated. The company will make the relevant announcements once such decision has been made,” it added.

Wire reports said Wealthy Link’s bid was the highest in a tender that attracted seven property developers.

Bloomberg reported that Wealthy Link’s offer priced the 1.1ha plot at S$18,180 per sq metre of gross floor area.

The bid was a reflection of the steady restoration of investor confidence in the Singapore office market, Christine Li, director research at real estate services firm Cushman & Wakefield, was quoted saying by Reuters.

She said Grade A office market has been down for the past six quarters, but was likely to recover post-2017 when new supply is completed.