Malaysian Billionaire Brothers’ IOI Properties Submits Only Bid for Marina Bay Hotel, Residential Site

IOI Properties Group — controlled by billionaire brothers Lee Yeow Chor and Lee Yeow Seng — submitted the only bid for a mixed-use hotel and residential site as the Malaysian developer doubles down on its investment in Marina Bay, Singapore’s downtown financial district, Forbes reported. Boulevard View, a wholly owned subsidiary of Malaysia-listed IOI Properties, offered S$1.51 billion ($1.1 billion) for the 99-year leasehold site, the Urban Redevelopment Authority said late Tuesday. The site, which was on the reserve list of the government land sales program, was launched for auction in June after an unnamed bidder, reportedly IOI, offered the minimum bid for the property. The 7,817-square-meter site can be built up to 101,629 square meters of gross floor area, of which 51,000 square meters will be allocated for residential use and 26,000 square meters will be used for a hotel, while the rest can be used for office space as well as retail and F&B outlets. The site is strategically located behind the Asia Square office tower and near the upcoming Shenton Way MRT station. URA had estimated that the project could yield about 905 apartment units and 540 hotel rooms. While residential sales in the city-state have rebounded strongly this year, the outlook for the hotel industry remains challenging with the recent spike in COVID-19 cases. Read more.