{
  "id": 2309908,
  "title": "CapitaLand, IOI close to buying S$2.4bil office towers in Singapore",
  "url": "https://urgent.news/2026/08/21/capitaland-ioi-close-to-buying-s-2-4bil-office-towers-in-singapore",
  "topic": "world",
  "section": "World",
  "published": "2026-08-21T04:54:00.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today",
    "url": "https://www.freemalaysiatoday.com/category/highlight/2026/08/21/capitaland-and-ioi-close-to-buying-s-2-4bil-office-towers-in-singapore"
  },
  "original_language": "en",
  "account": "CapitaLand Investment Ltd and IOI Properties Group Bhd are close to finalizing a deal to acquire the iconic One Raffles Place office development in Singapore's central business district. The property, valued at almost S$2.4 billion, includes two office towers, 62 and 38 floors tall, and a retail mall.\n\nTemasek Holdings Pte backs CapitaLand, while IOI is supported by the Malaysian billionaire Lee Yeow Seng. OUE REIT, owned by the Indonesian Riady family, holds an 81.54% stake in the property, with UOL Group Ltd, Khattar Holdings Pvt and United Overseas Bank Ltd each owning a minority share.\n\nUOB, one of Singapore's largest lenders, controls the remaining 18.46% stake and also occupies space within the complex. The transaction is part of a recent surge in commercial real estate deals in Singapore, driven by low borrowing costs and sellers' flexibility in pricing.\n\nWhile IOI and CapitaLand's shares reacted negatively to the news, OUE REIT shares surged nearly 3%. The sellers had initially targeted a price of S$2.5 billion. The complex, built mostly in the 1980s, has long-term leasehold tenancies for some parts, but will expire for others in the 2080s.",
  "summary": "IOI Properties Group Bhd has been expanding its presence in Singapore with a slew of acquisitions as the market revives on lower borrowing costs and more flexible pricing.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "CapitaLand, IOI close to buying S$2.4bil office towers in Singapore",
        "url": "https://urgent.news/2026/08/21/capitaland-ioi-close-to-buying-s-2-4bil-office-towers-in-singapore-2315479",
        "published": "2026-08-21T04:54:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}