KUALA LUMPUR: IOI Properties Group Bhd
(IOIPG) said it will acquire CapitaLand Integrated Commercial Trusts's 100% interest in Asia Square Tower 2 (AST2), located in the heart of Singapore's Marina Bay financial district, for S$2.47bil (RM7.67bil).
In a statement, the property group said the purchase consideration represents a S$50mil discount to the market value appraised by Savills.
"This latest acquisition reflects IOIPG’s continued conviction in prime Singapore assets, which offer stable recurring income streams supported by strong market fundamentals. In particular, assets located within the Marina Bay precinct are well-positioned to benefit from sustained demand, limited supply, and ongoing urban transformation," said IOIPG group CEO Datuk Lee Yeow Seng.
According to IOIPG's statement, AST2 is a landmark development offering approximately 773,460 sq ft of premium Grade A net lettable area, featuring efficient, large-format floor plates, best-in-class building specifications, and seamless connectivity to key transport and lifestyle nodes.
The building is also directly linked to IOI Central Boulevard Towers via an elevated pedestrian bridge, enhancing interconnectivity across the precinct and enabling greater integration within the group’s existing investment assets portfolio.
The acquisition further strengthens IOIPG’s presence within the CBD precincts, complementing its prime existing portfolio of IOI Central Boulevard Towers and South Beach Tower.
"Collectively, these assets under management will form a critical mass of premium commercial developments valued at S$10bil which are 100% owned and controlled by IOIPG in Singapore’s most prestigious business district," said IOIPG.
As of March 31, 2026, the asset has an average occupancy rate of 95.8%.
"Underpinned by resilient Singapore office demand from global occupiers as well as a constrained future pipeline of new premium office space in the CBD, AST2 is well-positioned to deliver positive rental reversions and sustainable performance over time."
