IOI Corp wins bid for S’pore condo land

KUALA LUMPUR: IOI Corp Bhd has won a bid for a parcel of land in Singapore for S$408mil (RM995.5mil) that would enable the company to be involved in mass property market in the island-state.

IOI Corp said its 99.8% indirect subsidiary Multi Wealth (S) Ltd had been notified by the Housing and Development Board of Singapore of its acceptance of Multi Wealth’s bid for the land measuring about 24,417.6 sq m at Jalan Lempeng.

“The land, which is a rare condominium site, is located in the mature housing estate of Clementi and will have a good potential to tap into a large catchment of upgraders from the existing residents living in the area,” it told Bursa Malaysia.

This win confirmed StarBiz report yesterday that IOI Corp would be a potential winner as it was the highest bidder.

CIMB Research said the win was a slight surprise as it did not expect the group to venture into another Singapore property venture so soon after its recent purchase of the South Beach project.

“The Clementi condo project is strategically located and should attract pent-up demand from residents around the area.”

But CIMB Research is cautious on the Singapore property market, given the recent hike in stamp duties.

By The Star