Acquisition of City Developments Limited’s 50.1% interest in South Beach Property valued at S$2.75 billion by IOI Consolidated (Singapore) Pte. Ltd.
Allen & Gledhill, as transaction counsel, advised IOI Consolidated (Singapore) Pte. Ltd. (“IOI”), a wholly owned subsidiary of IOI Properties Group Berhad, on the acquisition (“Acquisition”) by IOI from Ascent View Holdings Pte Ltd, a wholly owned subsidiary of City Development Limited (“CDL”), of a 50.1% interest in Scottsdale Properties Pte. Ltd. (“Scottsdale”), the registered proprietor of the commercial components of the South Beach mixed-use integrated development (“South Beach Property”).
The Acquisition completed on 1 September 2025. Following completion, IOI holds 100% equity interest in Scottsdale.
The purchase consideration is based on Scottdale’s consolidated net assets, which factors in an agreed property value of S$2.75 billion (approximately RM9.05 billion) for the South Beach Property.
Advising IOI were Allen & Gledhill Partners Jerry Koh, Richard Young, Ho Kin San, Teh Hoe Yue, Ong Kangxin, Shalene Jin, Zhao Jiawei and Victoria Leong.
