Malaysian billionaire brothers' IOI Properties, Singapore's Capitaland in exclusive talks to buy one of city-state's tallest skyscrapers
IOI Properties, controlled by Malaysia's billionaire Lee brothers, and CapitaLand Investment have been confirmed to be in exclusive talks to acquire One Raffles Place, one of Singapore’s tallest buildings.
Indonesian Malaysian billionaire brothers, Lee Yeow Seng and Lee Yeow Chor, are reportedly in exclusive talks with two Singaporean firms, IOI Properties and Capitaland, to purchase one of the city-state's tallest skyscrapers, One Raffles Place. The property, located in the central business district, is owned by OUE REIT, which holds an 81.54% stake through its subsidiary OUB Centre.
The two investors, who have submitted a 50-50 joint bid, are still in the negotiation phase and have not yet entered into a binding agreement. The building, spanning over 65,000 square meters of gross leasable area, rises to a height of 280 meters and is valued at S$2.3-2.4 billion. A successful transaction would bolster IOI Properties' recent string of commercial real estate acquisitions in Singapore's CBD, including recent deals in Shenton House and Asia Square Tower 2.
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