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Thursday, January 10, 2008

IOI Properties wins Sentosa land bid

Firm, Singapore partner to build condo

IOI Properties Bhd and Ho Bee Investment Ltd have won a bid to buy land on the resort island of Sentosa, Singapore, for S$1.097 billion (RM2.5 billion).

IOI Properties, a unit of planter IOI Corp Bhd, and its Singaporean partner will build a 20-storey condominium on the 2.12ha site in Sentosa Cove.

Sentosa Cove is a marina resort and waterfront housing project on Sentosa island.

IOI Properties is expanding into Singapore where properties are highly sought after in the region, the company said in a statement to Bursa Malaysia yesterday.

The successful bid is also its second win. In March last year, IOI Properties and Ho Bee won a bid to buy land on the island for RM1.1 billion.

IOI Properties' Singapore unit received a letter of acceptance yesterday from Sentosa Cove Pte Ltd on behalf of Sentosa Development Corp (SDC).

SDC manages Sentosa Cove.

Both IOI Properties and Ho Bee have set up a joint-venture company, Pinnacle (Sentosa) Pte Ltd, to buy the land and develop the project, called the Pinnacle Collection.

IOI Properties will hold 65 per cent of Pinnacle (Sentosa), while Ho Bee will own the rest.

The Pinnacle project will have the tallest building in Sentosa Cove.

The maximum number of units allowed in the development is 357, while the maximum permissible gross floor area is 602,359 sq ft.

The project is next to the "Seaview Collection" site, an area that it bought in a similar tender last year.

By New Straits Times (by Hamisah Hamid)

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