IOI Properties, which is controlled by Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng, has appointed Lorraine Shiow as the CEO for Singapore operations. This move is part of the developer’s plans to expand its presence in the city-state, where it holds a significant portion of its assets. Shiow brings with her extensive experience in the real estate industry, having previously worked with companies like Frasers Property and ARA Asset Management.
In her new role, Shiow will be responsible for leading IOI Properties’ growth in Singapore and implementing strategies to drive performance and enhance the company’s reputation as a trusted developer. She will report directly to Yeow Seng, the group CEO of IOI Properties. Shiow’s appointment comes at a crucial time as the company nears completion of its flagship project, the IOI Central Boulevard Towers in the Marina Bay area.
The IOI Central Boulevard Towers, built at a cost of approximately S$4 billion, includes office space and is already partly leased out to tenants such as Amazon and Morgan Stanley. Additionally, the company is working on the Marina View Residences project, which will feature a W Hotel and residential units upon completion in 2028. This ongoing development reflects IOI Properties’ commitment to expanding and strengthening its presence in Singapore’s competitive real estate market.
In recent years, IOI Properties has made significant investments in Singapore, including the South Beach development and the recent acquisition of Shenton House. The latter property, located in the Marina Bay area, will be redeveloped into an office and service apartment complex with an estimated investment of up to S$2 billion. These strategic moves highlight the company’s focus on high-value projects in prime locations like Marina Bay.
With a strong presence in Singapore, IOI Properties aims to capitalize on the city-state’s limited land supply and growing demand for premium real estate. The company’s investments in the office sector, as well as its partnerships with leading companies, demonstrate its commitment to long-term growth and success in the competitive Singapore market. The Lee brothers, with their family legacy in property and palm oil businesses, continue to drive IOI Properties’ expansion and success in the region.
