Singapore OKs IOI's $317M Bid For Condo Project

Law360, New York (January 17, 2012, 4:13 PM EST) -- The Singaporean government on Monday approved a 408 million Singapore dollar ($317 million) bid from a subsidiary of Malaysian palm oil producer IOI Group for 6.03 acres of land earmarked for a residential development project.

Property investor and developer Multi Wealth (Singapore) Pte Ltd. has won a 99-year lease of a land parcel located in the Clementi district through an online auction and will build a 685-unit condominium project on the site, according to Singapore's Housing and Development Board.

The bid price and project, dubbed Jalan...
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