Singapore’s CapitaLand Integrated Commercial Trust said on Monday it has agreed to sell Asia Square Tower 2, a commercial development in Marina Bay precinct, to Malaysia’s IOI Properties for S$2.48 billion ($1.95 billion).
The 773,000-square-foot property housing office, hotel and retail space, completed in 2013, was valued at S$2.25 billion as of December 31, the company said.
The Marina Bay district contains skyscrapers of the city-state’s central business district and is surrounded by leisure destinations and civic community space, showed the website of government agency Enterprise Singapore.
The trust estimates a gain of nearly S$199.9 million after deducting divestment expenses from net proceeds.
The transaction, structured through a put and call option agreement, includes an upfront option fee of S$123.8 million, equivalent to 5% of the agreed property value.
The deal is set to close in the second half of 2026.
($1 = 1.2696 Singapore dollars)
Reuters
