Singapore’s CapitaLand, Malaysian billionaire brothers’ IOI Properties reportedly near $1.9B deal to buy one of city-state’s tallest towers
IOI Properties, controlled by Malaysian billionaire Lee brothers, and CapitaLand Investment are reportedly close to reaching a deal to buy One Raffles Place, one of Singapore’s tallest buildings, for S$2.4 billion (US$1.9 billion).
CapitaLand and Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng are close to finalizing a $1.9 billion deal to acquire Singapore's One Raffles Place, one of the city-state's tallest towers. The iconic development, located in the central business district, comprises two office towers and a retail mall, with a total of 65,000 square meters of gross leasable area and a height of 280 meters.
Currently owned by UOB Centre with an 18.46% stake, the property is set to be part of a joint venture between the two companies. UOB is expected to retain its current space post-acquisition. The complex is valued at S$2.37 billion, with OUE REIT indirectly controlling 67.95% interest through its subsidiaries. The sale comes amid Singapore's commercial property market reaching record highs, with deals amounting to $10.3 billion in the first half of 2026.
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