KUALA LUMPUR: IOI Properties Group Bhd
said its wholly-owned subsidiary has acquired the remaining 50.1% equity in Scottsdale Properties Pte Ltd it does not already own from Ascent View Holdings Pte Ltd for an estimated S$834.22mil (RM2.75bil).
In a filing with Bursa Malaysia, the group said the purchase consideration is based on 50.1% of the consolidated net assets of Scottsdale group as at April 30, 2025.
Scottsdale is the parent company of South Beach Consortium Pte Ltd, the registered proprietor of the leasehold strata title properties such as South Beach Tower, South Beach Avenue and JW Marriott Hotel Singapore South Beach (excluding the residential strata title properties) forming part of the South Beach mixed-use integrated development.
IOI Properties said the purchase consideration will be satisfied via cash through a combination of internal funds and bank borrowings.
According to the filing, the proposed acquisition presents a timely opportunity for the group to increase its ownership of high quality investment properties and hospitality assets, with the objective of strengthening the group’s portfolio and increasing the group’s contributions to property investment and hospitality and leisure segments in Singapore.
"As the South Beach Property is a mature asset and comprises well established, income-generating investment properties/hospitality components across office towers, retail and hotel, the Proposed Acquisition is anticipated to provide the Group with additional stable and sustainable income stream, in alignment with the group’s corporate objectives," it said.
The proposed acquisition is expected to be completed in the second half of 2025.
Trading in the securities of IOI Properties was suspended earlier in the day pending the announcement, and resumed trading at 3.30pm. At the time of writing, the share was down two sen or 1.05% to RM1.88 apiece on two million shares done.
