SINGAPORE (EDGEPROP) - Singapore Land Group (SingLand) has announced an internal restructuring involving the sale of a 3,992 sqm (42,970 sq ft) land parcel at 6 Raffles Boulevard within the Marina Square complex to its indirect subsidiary, Marina Residential Development, for $99.1 million. This move consolidates ownership ahead of a proposed partial redevelopment of Marina Square, which is subject to regulatory approval.

In a filing to the Singapore Exchange, SingLand states Marina Residential Development has entered into four sale and purchase agreements with Marina Centre Holdings (MCHPL), Hotel Marina City, Aquamarina Hotel and Marina Bay Hotel to acquire the land parcel. Marina Residential Development is a wholly owned subsidiary of MCHPL, which is jointly owned by SingLand and UOL Group. SingLand holds 77.34% of the company, while UOL owns the remaining 22.66%.

The land parcel is part of the Marina Square complex,  which comprises Pan Pacific Singapore, Parkroyal Collection Marina Bay, Singapore, Mandarin Oriental, Singapore, and Marina Square Shopping Mall. The complex is situated on a site area of 92,197.3 sqm.

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Back in 3Q2023, SingLand obtained Provisional Permission from URA for the partial redevelopment of Marina Square, which includes rezoning a portion of the site for residential use. The project received in-principle approval under URA's Strategic Development Incentive (SDI) scheme.

SingLand's revised proposal to URA, submitted in 2H2025, aims to transform Marina Square into Singapore's first hyper-mixed development, with the addition of three buildings: a residential tower, a serviced apartment block, and a mixed-use building with hospitality, office, and performing arts spaces. The project will also enhance the existing green area over Stamford Canal along Raffles Avenue, turning it into a 6,500 sqm public park. In addition, the project will incorporate sustainability features such as integration with the Marina Bay District Cooling Network.

The acquisition is classified as an interested person transaction but does not require shareholder approval, as its value is below the threshold set by SGX-ST listing rules. The Audit & Risk Committee has reviewed the terms and found them to be fair and not prejudicial to minority shareholders.

The project is subject to regulatory approval, with SingLand expected to provide further updates in 2026. Meanwhile, operations at Marina Square and its hotels continue as usual. "The Project will contribute to the area's transformation into a vibrant waterfront lifestyle hub," SingLand stated, highlighting its commitment to sustainable and innovative urban development.