IOI Properties to acquire the remaining 50.1% stake in South Beach development from CDL for SGD834.2m.

IOI Properties, a Malaysian property developer, agreed to acquire the remaining 50.1% stake in South Beach joint venture from City Developments Limited, a Singaporean multinational real estate operating organization, for SGD834.2m. “The South Beach development holds immense significance for IOIPG. To describe it as an iconic development which we are honoured to have been a part of, is an understatement. This development presented us with the opportunity to change the skyline of Singapore, while building a good relationship with CDL, a leader in the real estate industry. The exemplary leadership of Mr Kwek Leng Beng, his grit and steadfast vision were instrumental in transforming this site, a place of great historical and sentimental value to many of the Singaporeans and visitors alike. The acquisition of the 100% equity stake in this landmark development marks a significant strategic expansion for IOIPG in Singapore. Combined with the IOI Central Boulevard Towers and the W Singapore – Marina View hotel, this acquisition will elevate the Group’s profile as one of the major landlords of premium office space and a prominent player in the hospitality industry within the Republic,” Lee Yeow Seng, IOI Properties CEO.