IOI Properties group member offers S$2.6bil for Marina Bay land - Business News | The Star Online

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IOI Properties group member offers S$2.6bil for Marina Bay land


A man jogs along the Marina Bay next to the financial business district office buildings in Singapore. - AFP pic

A man jogs along the Marina Bay next to the financial business district office buildings in Singapore. - AFP pic

SINGAPORE: Wealthy Link Pte Ltd has made the highest bid of S$2.6bil (RM7.88bil) to buy land in Singapore’s downtown Marina Bay in a tender that attracted seven property developers, the government said on Tuesday.

The price offered by Wealthy Link, part of IOI Properties Group Bhd , is 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, said.

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.

Singapore’s Urban Redevelopment Authority said in a statement that a decision on the tender award would be taken after all the bids had been evaluated. - Reuters

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


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