PETALING JAYA: The recent successful bid by IOI Properties Group Bhd (IOI Properties) to acquire a 0.78 ha leasehold land in Singapore’s Marina View enclave for S$1.51bil (RM4.64bil) will allow the group to replenish its land bank in Singapore.

       The bid is a positive move for shareholders, said analysts, as it gives the group further exposure to the property market in Singapore, which is doing well.

       “We are cautiously optimistic about the land deal. Apart from the prime location and favourable acquisition price, it is a timely replenishment of IOI Properties’ land bank in Singapore, which will allow the group to benefit from the Singapore private housing boom,” said TA Securities Research in a report.

       “We believe the proposed hotel development will also complement IOI Properties’ existing projects in Singapore and add to its investment property portfolio.

       “Since the hotel component is still seven years away from completion, we believe it will be well-positioned to capture normalised travel demand,” TA Securities Research added.