PETALING JAYA: Locally-based IOI Properties Group has said it is optimistic about the long-term outlook for the Singaporean property market, after it won the auction for a mixed-use hotel and residential site in Marina Bay.
Boulevard View, wholly owned by IOI Properties, was the lone bidder for the 7,817sq m site when bidding closed last week, much to the surprise of some analysts according to Forbes, given the site’s location and proximity to the financial district.
The Urban Redevelopment Authority announced yesterday it had decided to award the 99-year leasehold site to Boulevard View, which offered S$1.51 billion (RM4.65 billion).
The site can accommodate up to 101,629sq m of total floor area, of which 51,000sq m will be allocated for residential use and 26,000sq m will be used for a hotel, while the rest can be used for offices, retail and food and beverage outlets.
“The proposed development of residential units and a hotel on the land is expected to meet pent-up demand for city living opportunities within the central business district of Singapore as the last residential launch in the vicinity was Marina One Residences in 2014,” IOI said in a statement to Bursa Malaysia.
“Further, the proposed hotel development is expected to complement the group’s existing developments in Singapore and be a valued addition to its investment properties portfolio.”
The project is estimated to yield about 905 apartment units and 540 hotel rooms.
IOI expects the project will take 84 months to complete, giving the company flexibility in determining the product mix and timing of the launch.
“Singapore is on a roadmap of transitioning into endemic living in regards to Covid-19,” it said.
“Moving forward, the company is optimistic on the long-term prospects of the property market in Singapore.” - FMT
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