KUALA LUMPUR, April 20 -- IOI Properties Group is ramping up its Singapore push with a S$2.476 billion (RM7.71 billion) acquisition of Asia Square Tower 2, in one of the largest office deals in the city-state in recent years.

The Malaysian developer said it will acquire a 100 per cent interest in the Grade A office tower from CapitaLand Integrated Commercial Trust, adding a flagship asset in the Marina Bay financial district to its growing portfolio.

The agreed price reflects a S$50 million discount to the property's market valuation, based on an independent appraisal by Savills.

Group chief executive Datuk Lee Yeow Seng said the deal underscores IOI's long-term confidence in Singapore as a core investment market.

"Singapore remains a...