Malaysia’s IOI Properties Group and Hongkong Land have agreed to jointly develop and manage a project including a retail podium on about 1.1ha of land in Singapore’s prime business district.

Next to One Raffles Quay and close to Marina Bay Financial Centre, the site was awarded to IOI Properties following a tender in November. The scheme envisaged for the plot comprises two office towers and a retail podium of about 30,000 sqft (2787 sqm).

IOI Properties will hold 67 per cent of the JV and Hongkong Land the balance. The agreement is subject to regulatory and other approvals.

IOI Properties’ top bid of S$2.57 billion (US$1.8 billion), submitted through its Wealthy Link unit, set a record for a white site under the Government Land Sales program. The second-best bid was 16 per cent lower at $2.21 billion, from Singapore’s Mapletree.