IOI Properties Nears Full Acquisition Of Singapore South Beach For RM2.75 Billion

IOI Properties Group Berhad is set to acquire the remaining 50.1% stake in Scottsdale Properties from City Developments Ltd (CDL), gaining full ownership of the South Beach mixed-use development in Singapore in a deal valued at approximately S$2.75 billion. This acquisition includes iconic assets such as the JW Marriott Hotel, a 34-story office tower, and retail spaces, which are mature, income-generating properties connected to major MRT stations. The purchase will be funded through a combination of IOI Properties' internal funds and bank borrowings, and is expected to close in the second half of 2025. For IOI Properties, this marks a significant expansion in Singapore's real estate market, complementing its existing portfolio of high-quality investment and hospitality assets, while CDL aims to reduce debt with the divestment. Trading in IOI Properties' shares and warrants was suspended on Bursa Malaysia pending the material announcement about the deal. The Lee brothers, who control IOI Properties, are among Malaysia’s wealthiest and have been actively growing their footprint in Singapore’s property sector.