SG Morning Call | Singapore Market Is Closed for Hari Raya Haji; Singapore $1.8 Billion Office Attracts IOI, CapitaLand, Tycoons
Market Snapshot
The Singapore market is closed on Wednesday, May 27 2026 for Hari Raya Haji.
SG Local News
Singapore $1.8 Billion Office Attracts IOI, CapitaLand, Tycoons
One Raffles Place, a major office complex in the heart of Singapore’s commercial center, is attracting interest from multiple suitors, according to people with knowledge of the matter, Bloomberg reported.
Parties that are looking to acquire the asset, which is being marketed for more than S$2.3 billion ($1.8 billion), include father-and-son property tycoons Raj Kumar and Kishin RK, Malaysian developer IOI Properties Group Bhd. and Singapore asset manager CapitaLand Investment Ltd., the people said, asking not to be identified because the information is private.
The development, which consists of two iconic office towers and a retail mall, is just one of numerous commercial real estate assets in a market seeing a renewed buzz because of lower borrowing costs and a greater willingness of owners to discuss pricing.
Allianz Said to Have Leased About 78,000 Sq Ft at Shaw Tower
Allianz is understood to have leased about 78,000 square feet (sq ft) at the new Shaw Tower in Beach Road, in the biggest leasing deal signed so far at the redeveloped project, the Business Times reported.
The group is expected to relocate from CapitaSky at 79 Robinson Road, where it is said to occupy about 88,000 sq ft. Its lease there will end in March 2027.
The group is one of the world’s leading insurers and asset managers.
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