Malaysia's IOI Properties and Singapore's CapitaLand Investment enter exclusive talks to buy One Raffles Place

Malaysia's IOI Properties Group and Singapore's CapitaLand Investment have entered exclusive due diligence to acquire One Raffles Place, a landmark office and retail complex in Singapore's central business district. The joint bid was submitted to OUE Reit and UOB about three months ago and accepted for exclusive due diligence. IOI Properties CEO Lee Yeow Seng confirmed the development, noting the property's long leasehold tenure and its status as one of Singapore's tallest buildings. The acquisition would expand IOI's Singapore portfolio, which includes IOI Central Boulevard Towers, South Beach, and Shenton House.