IOI Central Boulevard Towers

Office Finder Team

February 27, 2023

Singapore

SINGAPORE – The construction of IOI Central Boulevard Towers, a mixed-use commercial project in the city-state’s central business district (CBD) that will contain 1.26 million sq ft of office space, is “progressing well,” according to the developer’s filing with Bursa Malaysia on Friday (24 February, SGT).

Malaysia-based IOI Properties Group Bhd revealed that the Grade A office development is poised to be completed this year.

“In addition to the internationally renowned anchor tenant [e-commerce giant Amazon] secured earlier, there is a growing requirement for Grade A office space from multinational companies and we are well positioned to capture this growing demand,” stated IOI Properties Group in a filing with Malaysia’s stock exchange.

Aside from that, some sources disclosed last year that Facebook’s parent company Meta is in advanced talks to lease Grade A space at IOI Central Boulevard Towers, which will consist of a retail podium on which will stand two office buildings.

Meanwhile, IOI Properties Group announced that its revenue jumped to RM1.36 billion (S$410 million) during the 1st half of financial year 2023 that ended on 31 December 2022 (H1 FY2023). This translates to a 20 percent growth compared to the RM1.14 billion revenue recorded a year earlier largely thanks to the significant improvement in all of the group’s business segments.

The real estate developer’s profit before tax also surged by 136 percent year-on-year to RM1.16 billion (S$350 million) from RM493.6 million previously, with the property development segment remaining as the group’s largest financial contributor and this is partially attributable to the higher contributions from joint venture projects in the latest quarter of FY2023.

In H1 FY2023, IOI Properties Group’s real estate development division recorded RM926.6 million (S$282 million) in sales. Malaysian projects accounted for 86 percent or RM796.6 million (S$242.47 million) of the total sales, while overseas projects from Singapore and China contributed RM130 million (S$39.57 million) or 14 percent of the overall sales.