Who is behind Malaysia’s IOI Properties Group?
The property arm of IOI Corporation is already a major player in Singapore’s real estate space, with residential, hotel and office assets
[SINGAPORE] Property developer IOI Properties Group (IOIPG) is poised to grow its Singapore presence with the acquisition of the remaining 50.1 per cent stake in the South Beach development that it does not already own, from its joint venture partner City Developments (CDL).
Upon the S$834.2 million acquisition, slated to complete by Q3 2025, IOIPG will gain full ownership of South Beach’s commercial components, the group said in a Wednesday (Jun 4) bourse filing. This includes the 34-storey South Beach Tower housing Grade-A office units, the 634-room JW Marriott Hotel Singapore South Beach, and the restaurants and cafes in the complex.
The mixed-use integrated development along Beach Road is now owned by both parties via an entity called Scottsdale Properties, which owns South Beach Consortium, which in turn owns South Beach.
The acquisition, one of CDL’s largest divestments, will expand IOIPG’s Singapore investment property portfolio – and it is already a major player in the city-state’s real estate space.
IOIPG has developed projects such as the IOI Central Boulevard Towers in the Marina Bay area. Nearby, in the pipeline is W Singapore – Marina View, a 350-room hotel slated to open in late 2028. Branded apartments W Residences – Marina View will be part of the 51-storey mixed-used development.
Lee Yeow Seng, IOI’s group chief executive officer, said: “This acquisition will elevate the group’s profile as a major landlord of premium office space and a prominent player in the hospitality industry within the Republic.”
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The deal will bring the total net lettable area (NLA) of IOI’s Singapore investment assets to 1.8 million square feet (sq ft) and the total NLA of its property investment segment across Malaysia, Singapore and Xiamen, China, to 9.82 million sq ft.
IOI’s total assets across investment properties, hotel assets and property development assets stood at RM47.93 billion (S$14.53 billion) as of Mar, 31, 2025.
News of the South Beach sale comes on the heels of CDL’s announcement of its plans to divest assets in a bid to cut debt.
The Business Times explains who is behind IOIPG, and throws light on its diverse portfolio of property developments in Singapore.
What is IOI Group?
The group is a Malaysian conglomerate that started off as a palm oil business before venturing into property.
Its palm oil business is parked under IOI Corporation, one of Malaysia’s largest palm oil companies; its property business is handled by IOIPG, the property arm of IOI Corporation.
IOIPG, valued at around RM10.5 billion, is one of Malaysia’s largest property entities by market capitalisation. It was carved out of IOI Corporation, and separately listed on the Malaysian stock exchange in January 2014.
IOIPG has three core business segments: Property development, property investments and hospitality and leisure in the markets of Malaysia, Singapore and Xiamen, China.
It has four-decades of experience in property development across residential, commercial and industrial offerings.
It recently reported third-quarter revenue of RM755.2 million, down 16 per cent. Net income was 65 per cent lower at RM76.1 million.
IOI Corporation, with a market capitalisation of around RM22.6 billion, is among the 30 largest companies listed on the main board of the Malaysian stock exchange, and a constituent company on the bourse’s benchmark index, the FTSE Bursa Malaysia KLCI.
IOI Corp recently reported that its third-quarter net profit more than doubled to RM262.3 million from the year before; its revenue grew 11.1 per cent to RM2.7 billion.
Who is IOI’s founder, and who runs the business now?
The late Malaysian magnate Lee Shin Cheng, who died in 2019, founded IOI Corporation and its property arm IOIPG, which is also listed on Bursa Malaysia.
Born in 1939 in Kuala Selangor in the Malaysian state of Selangor, he was raised on a poor rubber plantation. He dropped out of school at 11 and started selling ice cream to support his family.
He began working as a supervisor in a rubber estate at the age of 17, and worked his way up to becoming an estate manager before he turned 30.
In 1975, he acquired a property company and over the years, developed the business.
In 1982, he acquired Industrial Oxygen Incorporated. Renamed as IOI Corporation in 1995, it ventured into the palm oil business.
After his death, his sons inherited stakes in IOI Group.
Lee Yeow Chor is group managing director and chief executive of IOI Corporation, and Lee Yeow Seng is the group CEO of IOIPG.
What other Singapore assets does IOIPG own?
Beyond the integrated developments, IOIPG has a portfolio of high-end residential properties in Singapore. These include Seascape and Cape Royale, condominium developments in Sentosa Cove that were developed in partnership with Ho Bee Land.
IOIPG also developed The Trilinq, a residential development in Clementi and Cityscape@Farrer Park.
Last November, group CEO of IOIPG, Lee Yeow Seng, acquired Shenton House along Singapore’s Shenton Way, in his personal capacity, for S$538 million.
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