CapitaLand Investment Ltd. and IOI Properties Group Bhd. are close to finalizing a joint venture to acquire One Raffles Place, one of Singapore’s most iconic office developments. The deal, valued at just under S$2.4 billion ($1.9 billion), was reported by sources familiar with the matter who requested anonymity due to the private nature of the negotiations.

The Temasek Holdings-backed Singapore property asset manager and the Malaysian developer aim to secure the prime commercial property located in the heart of Singapore’s Central Business District. One Raffles Place is a landmark skyscraper known for its strategic location and premium office space.

This acquisition reflects ongoing investor confidence in Singapore’s real estate market despite global economic uncertainties. The proposed joint venture underscores the growing trend of cross-border partnerships in the Southeast Asian property sector.

If completed, the transaction would rank among the largest office property deals in Singapore’s history, further cementing the city-state’s status as a key hub for international real estate investment.