IOI Properties Group (IOIPG) has significantly increased its footprint in Singapore with the S$2.476 billion acquisition of Asia Square Tower 2. The deal for the Grade A office building, situated in the Marina Bay financial district, was struck with CapitaLand Integrated Commercial Trust (CICT).

The purchase price was settled on a willing-buyer, willing-seller basis and sits S$50 million below a valuation by Savills conducted on 12 April 2026. This move raises IOIPG’s total assets under management in Singapore to S$10 billion, all of which are 100% owned and controlled by the group.

Dato’ Lee Yeow Seng, Group Chief Executive Officer of IOI Properties Group, said: “Singapore remains a cornerstone market for the Group, underpinned by its stable socio-political environment and strong global standing as a premier financial and business hub in South East Asia. Singapore attracts multi-national corporations, global institutions and top-tier talents, reinforcing its long-term economic resilience. This latest acquisition reflects IOIPG’s continued conviction in prime Singapore assets, which offer stable recurring income streams supported by strong market fundamentals. In particular, assets located within the Marina Bay precinct are well-positioned to benefit from sustained demand, limited supply, and ongoing urban transformation.”

Asia Square Tower 2 provides 773,460 square feet of net lettable area. It features large floor plates and is connected to the group’s Central Boulevard Towers via a pedestrian bridge. This latest addition brings the group’s total office space in the city to 2.57 million square feet.

As of March 2026, the tower maintained a 95.8% occupancy rate. IOI Properties Singapore intends to manage the asset alongside South Beach Tower and IOI Central Boulevard Towers. The group noted that this expanded portfolio allows them to provide a range of floor plate sizes, from 15,000 square feet at South Beach to 30,000 square feet at Asia Square.