A Malaysian goes shopping in Singapore

WITH the ringgit at nearly 3.5 to the Singapore dollar, crossing the Causeway to shop for bargains can be hard to resist for many Singaporeans.

However, one Malaysian appears to find shopping in Singapore irresistible. Lee Yeow Seng, group chief executive officer and substantial shareholder of Bursa-listed property group IOI Properties Group, is fast emerging as the king of Marina Bay in Singapore. Lee’s private company is buying Shenton House, located along Shenton Way in Singapore’s Central Business District, for S$538 million.

Through IOI Properties, Lee has extensive interest in downtown Singapore. IOI Properties is the developer of IOI Central Boulevard Towers, W Marina Bay and Marina View Residences in the Marina Bay area. IOI Properties also owns a stake in the South Beach mixed-use development, located along Beach Road.