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Malaysian Billionaire Brothers IOI Properties Submit Only One Offer for Hotel and Residential Site in Marina Bay

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IOI Properties Group, controlled by billionaire brothers Lee Yeow Chor and Lee Yeow Seng, submitted the only bid for a mixed-use hotel and residential site as the Malaysian developer doubles its investment in Marina Bay, the downtown financial district. Singapore city.

Boulevard View, a wholly owned subsidiary of Malaysia-listed IOI Properties, has offered S $ 1.51 billion ($ 1.1 billion) for the 99-year-old leasehold, the Urban Redevelopment announced Tuesday evening. Authority. The site, which was on the reserve list for the government’s land sale program, was auctioned off in June after an anonymous bidder – apparently IOI – offered the minimum bid for the property.

“This is not an announcement of a tender award,” the URA said in a statement. “A decision on the award of the tender will be made after the tender has been evaluated. This will be made public at a later date.”

The 7,817 square meter site can be built up to 101,629 square meters of gross floor area, of which 51,000 square meters will be used for residential use and 26,000 square meters will be used for a hotel, while the rest can be used for offices. as well as retail and F&B outlets. The site is strategically located behind the Asia Square office tower and close to the next Shenton Way MRT station.

URA had estimated that the project could bring in around 905 apartments and 540 hotel rooms. While residential sales in the city-state have rebounded strongly this year, the outlook for the hospitality industry remains bleak with the recent spike in Covid-19 cases.

If the URA decides to award the site to IOI, it will be the second Marina Bay project to be undertaken by the company, which is developing another mixed-use commercial property on Central Boulevard. It acquired the site for around S $ 2.6 billion in a state land auction in 2016.

The IOI Central Boulevard Towers, slated for completion by the third quarter of 2023, will have 1.26 million square feet of office space and 30,000 square feet of retail and foodservice on two towers and one block of the podium, IOI said on its website. The Class A office building is easily accessible via connecting bridges to Raffles Place and Shenton Way MRT stations.

Through Marina Bay, IOI has partnered with billionaire Kwek Leng Beng’s City Developments to develop the mixed-use development of South Beach, which the partners completed in 2018. The residential component of the project is sold over 70% to prices above S $ 3,000 a square foot, Lee Yeow Seng, executive vice president of IOI, said in the company’s latest annual report.

Yeow Seng and his brother Yeow Chor inherited the palm oil empire and property from their father, Lee Shin Cheng, who died in June 2019. With a net worth of $ 4.9 billion, the brothers ranked # 6 on Malaysia’s 50 richest list that was released in June of this year. Their father, who grew up in poverty on a rubber plantation, built palm oil giant IOI Corporation and developer IOI Properties. The two companies are commonly referred to together as the IOI group.


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