Malaysian Billionaire Brothers’ IOI Properties Submits Only Bid For Hotel, Residential Site In Marina Bay

Malaysian Billionaire Brothers’ IOI Properties Submits Only Bid For Hotel, Residential Site In Marina Bay

A general view of Singapore's financial business district is seen from Marina Bay in Singapore on ... [+] July 12, 2019. (Photo by Roslan RAHMAN / AFP) (Photo credit should read ROSLAN RAHMAN/AFP via Getty Images) IOI Properties Group—controlled by billionaire brothers Lee Yeow Chor and Lee Yeow Seng—submitted the only bid for a mixed use hotel and residential site as the Malaysian developer doubles down on its investment in Marina Bay, Singapore's downtown financial district. Boulevard View—a wholly owned subsidiary of Malaysia-listed IOI Properties—offered S$1. 51 billion ($1. 1 billion) for the 99-year leasehold site, the Urban Redevelopment Authority said late Tuesday. The site, which was on the reserve list of the government land sales program, was launched for auction in June after an unnamed bidder—reportedly IOI—offered the minimum bid for the property. "This is not an announcement of tender award," the URA said in a statement. "A decision on the award of the tender will be made after the bid has been evaluated. This will be publicised at a later date." The 7, 817-square meter site can be built up to 101, 629 square meters of gross floor area, of which 51, 000 square meters will be allocated