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IOI Properties, Hongkong Land to develop Singapore land

Tuesday, 13 June 2017

KUALA LUMPUR: IOI Properties Group Bhd is teaming up with Hongkong Land International Holdings Ltd (HLK) – one of Asia’s leading property investment and management group – to develop its land parcel at Central Boulevard in Singapore.

It said on Tuesday the proposed joint venture would enable it to jointly develop and manage Central Boulevard with HKL at Singapore’s Central Business District, which is one of Asia’s premier business hubs.

“The collaboration is also anticipated to allow both companies to leverage on its individual strengths, knowledge, networking and expertise to ensure that Central Boulevard will be a successful venture for both parties,” it said.

IOI Properties said HKL manages both One Raffles Quay and Marina Bay Financial Centre through Raffles Quay Asset Management Pte Ltd with Central Boulevard located between these two properties.

The proposed JV would provide seamless connectivity between these buildings and enhance connectivity at Marina Bay. IOI Properties’s original cost of investment in the joiunt venture company Wealthy Link as at 31 March 2017 is about S$2.84 billion.  Wealthy Link had successfully tendered for the land on 11 November 2016 from the Urban Redevelopment Authority.

Source by: Internet

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