IOI Properties Group Bhd, through its unit IOI Marina View Pte Ltd, is acquiring Asia Square Tower 2 from CapitaLand Integrated Commercial Trust (CICT) for S$2.48 billion (RM7.70 billion).
The 46-storey integrated development is located in Singapore’s prime Marina Bay district. The deal was announced following a put and call option agreement signed between both parties, according to a filing with the Singapore Exchange on Monday.
The acquisition is expected to be completed in the second half of 2026, subject to shareholder approval and confirmation from Singapore’s tax authority that Additional Conveyance Duty for Buyers will not apply.
With the purchase, IOI Properties’ wholly owned property investment assets under management in Singapore will grow to S$10 billion, further strengthening its position as a major landlord in Singapore’s Central Business District. Its total net lettable area will expand to 2.57 million sq ft.
Asia Square Tower 2, completed in September 2013, offers approximately 773,000 sq ft of net lettable area, including Grade A office space, retail units and hotel premises leased to a third party. The property also enjoys direct links to the Thomson-East Coast Line and Downtown Line.
According to an independent valuation by Cushman & Wakefield VHS Pte Ltd, the property was valued at S$2.25 billion as of Dec 31, 2025.
