Real estate firms eye major Singapore commercial property acquisitions

Major real estate players are pursuing significant acquisitions in Singapore’s commercial sector. Hongkong Land is reportedly in early-stage discussions to acquire a majority stake in three adjacent properties on Orchard Road from Hotel Properties Ltd. The potential deal, which could value the assets at over S$2 billion, includes the voco Orchard hotel, the Forum shopping mall, and HPL House.

Separately, Malaysia-based IOI Properties Group Bhd is in exclusive talks to acquire the Chijmes heritage complex and the Capitol Kempinski hotel. IOI Properties Group CEO Lee Yeow Seng confirmed that due diligence is underway for these acquisitions. The group also plans to establish a private real estate investment fund, initially focused on office assets valued at approximately S$6 billion, to support its expansion in the Singapore market.