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“IOI Properties acquires Asia Square Tower 2 in Singapore for S$2.48 billion, boosting its CBD portfolio to S$10 billion amid strong office demand.”
Kuala Lumpur, 20th April 2026, 2.40pm – IOI Properties Group Berhad is expanding its footprint in Singapore with the proposed acquisition of Asia Square Tower 2 for S$2.476 billion (RM7.71 billion), marking one of the largest office transactions in the city-state in recent years.
The group said it will acquire a 100% stake in the Grade A commercial tower from CapitaLand Integrated Commercial Trust, adding a prime asset in the Marina Bay financial district to its portfolio.
Acquisition below market valuation
The purchase price reflects a S$50 million discount to the building’s market value, based on an independent valuation conducted by Savills.
Group chief executive Datuk Lee Yeow Seng said the transaction highlights IOI’s continued confidence in Singapore as a strategic investment market.
“Singapore remains a cornerstone market for the group, supported by its stable environment and strong position as a leading financial hub in Southeast Asia,” he said.
Prime CBD asset with strong occupancy
The 46-storey tower offers approximately 773,000 sq ft of net lettable area and is located in the heart of Singapore’s central business district.
It is also directly linked via an elevated pedestrian bridge to IOI’s existing Central Boulevard Towers, strengthening the group’s integrated presence in the area.
As at end-March, the building recorded a 95.8% occupancy rate, reflecting strong tenant demand and stable income potential.
Expanding Singapore portfolio to S$10 billion
Following the acquisition, IOI’s total property investment assets under management in Singapore are expected to reach approximately S$10 billion, with a combined office space of about 2.57 million sq ft.
The group said the expansion will further establish its position as a major commercial landlord in Singapore’s CBD.
Leveraging scale for long-term growth
IOI plans to leverage its existing asset management capabilities across its Singapore portfolio — which includes Central Boulevard Towers and South Beach Tower — to enhance leasing strategies and operational efficiencies.
The enlarged portfolio will allow the group to offer a wider range of office configurations, with floor plates ranging from 15,000 sq ft to 30,000 sq ft, catering to diverse tenant requirements.
Positioned for resilient office demand
The acquisition reflects IOI’s long-term strategy to capitalise on Singapore’s position as a regional financial hub, with continued demand from multinational corporations supporting the prime office segment.
Despite ongoing structural changes in global office markets, limited new supply in Singapore’s CBD is expected to support rental stability and long-term value appreciation.
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