IOI Properties set for overseas income boost

[KUALA LUMPUR] IOI Properties Group, the developer which joined Malaysia's benchmark index on Tuesday, wants to broaden its income sources with foreign revenue and more investment properties, its new chief executive officer said.

Contributions from the group's maiden projects in Singapore and China are expected to start coming on stream this financial year, 35-year-old Lee Yeow Seng, a son of billionaire Lee Shin Cheng, said. This is expected to generate about 30 per cent of all revenue in the next three years, he said.

"The group is also building a wider portfolio in its investment holding segment to provide a more stable recurring income stream," said Mr Lee. Malaysian "township development will still be our bread and butter business", he added.