Lee Yeow Seng pushes IOI Properties deeper into Singapore's prime office market

IOI Properties, under CEO Lee Yeow Seng, has intensified its Singapore footprint, completing the takeover of South Beach, acquiring Asia Square Tower 2 and pursuing Shenton House, Chijmes, the Capitol Kempinski Hotel and One Raffles Place with CapitaLand Investment. The group already owns IOI Central Boulevard Towers in Marina Bay and operates JW Marriott Hotel Singapore South Beach, with W Singapore Marina View in development.

At the end of June, total borrowings were RM 25.4 billion, giving a net gearing ratio of 0.85 times, most of which is tied to Singapore assets. To address leverage, Lee intends to launch an IOIPG Malaysia REIT covering nine Malaysian properties and to shift selected Singapore holdings into a private fund, though both steps depend on market conditions and interest-rate trends.