Hongkong Land's Central Boulevard JV with IOI Properties said to be facing setbacks

SINGAPORE (Feb 26): An agreement between Hongkong Land and Malaysia-listed IOI Properties Group to jointly own and develop a prime land parcel in Singapore’s Marina Bay financial district could be in trouble.

Sources say the deal could be facing setbacks as some conditions precedent remain pending, according to The Edge Malaysia. In addition, it reports that the process of obtaining longer-term financing could have also hit a snag.

In June 2017, Hongkong Land and IOI Properties had penned an agreement for a proposed partnership to transform the 1.1-hectare Central Boulevard site into a project comprising two office towers of about 1.26 million sq ft of leasable space and a 30,000 sq ft retail podium.

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