IOI Properties board yet to deliberate on potential Singapore acquisitions

Saturday 17 Oct 2026

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KUALA LUMPUR (Oct 16): IOI Properties Group Bhd (KL:IOIPG) said its board has yet to deliberate on the potential acquisition of Singapore properties mentioned by its chief executive officer in a media report.

The real estate developer said this in a bourse filing on Friday after CEO Datuk Lee Yeow Seng was quoted in a Bloomberg report the previous day as saying that IOI Properties was in exclusive talks to buy retail venue Chijmes and the Capitol Kempinski hotel.

Lee is also the group’s executive director and substantial shareholder with a deemed interest of 66%, or over 3.8 billion shares. He has a direct interest of 215 million shares (3.904%) and an indirect/deemed interest of 3.62 billion shares (65.673%) held via Vertical Capacity Sdn Bhd.

In the filing, IOI Properties said it routinely evaluates potential acquisition opportunities as part of its long-term growth strategy.

"At this stage, none of the potential acquisitions referred to in these articles has been formally reviewed by the investment committee or tabled for the board's approval," the group said.

It added that “any material developments will be announced in accordance with the relevant disclosure obligations, upon the execution of any definitive agreement”.

Bloomberg reported on Thursday that Singaporean developer Perennial Holdings has been trying to sell the Kempinski hotel, which is priced at S$600 million (RM1.91 billion). Chijmes was valued at S$379 million at the end of 2025. Lee did not disclose how much a final agreement will value the two assets at, citing ongoing negotiations.

A lionshare in prime Singapore real estate

IOI Properties currently owns about S$12 billion in prime Singapore office space and is aggressively expanding, with the purchase of Shenton House and the potential acquisition of a 50% stake in One Raffles Place all announced within a fortnight.

It is also eyeing a secondary listing on the Singapore stock exchange and is set to list a real estate investment trust on the Main Market of Bursa Malaysia by the end of the year.

As of May 31 this year, IOIPG Malaysia Real Estate Investment Trust is managing a nine-asset portfolio valued at RM7.66 billion.

For the quarter ended June 30, 2026, IOI Properties had total borrowings of RM25.45 billion against cash equivalents of RM2.1 billion.

IOI Prop shares closed eight sen or 2.47% lower at RM3.16 on Friday, valuing the group at RM17.4 billion.

Edited BySyed Azahedi

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