Malaysia-listed IOI Properties Group and Hongkong Land have entered into an agreement to jointly develop and manage a land parcel of about 1.1 hectares in Singapore's prime business district.

This land parcel is adjacent to One Raffles Quay and close to Marina Bay Financial Centre. It was awarded to IOI Properties following a tender in November 2016.

The scheme envisaged for the site development comprises two office towers of about 1.26 million square feet of leasable space and a small retail podium of about 30,000 square feet.

IOI Properties will hold 67 per cent of the joint venture (JV) company and Hongkong Land 33 per cent upon completion of the proposed JV structure.

The agreement between the two real estate groups is subject to certain regulatory and other approvals.