One Raffles Place

Malaysia's IOI Properties and Singapore's CapitaLand Investment are reported to be closer to acquiring One Raffles Place, a landmark office tower in Singapore's financial district, through a joint bid. Lee Yeow Seng, who leads IOI Properties, is drawing attention as the deal would mark another major Singapore investment by the group, which already owns the IOI Central Boulevards development. Market watchers are discussing the price and the implications for Singapore's office property market.