PETALING JAYA: IOI Properties Group Bhd (IOIPG) is looking to acquire a 50% stake in One Raffles Place, an integrated commercial development in Singapore’s central business district.

In a filing with Bursa Malaysia, the group said it had jointly submitted an expression of interest with an investment entity managed by CapitaLand Investment Ltd to acquire the entire interest in One Raffles Place, with both parties each taking a 50% stake.

It was reported in August that the Temasek Holdings Pte-backed Singapore property asset manager and IOIPG are looking to form a joint venture to finalise a transaction for One Raffles Place.

According to reports, the property is likely to be sold for just under S$2.4bil.

The development, comprising two office towers with 62 and 38 floors, along with a retail mall, is set to join a spate of commercial real estate assets changing hands as the market revives, supported by low borrowing costs and sellers’ greater willingness to be flexible on pricing.

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