Billionaire brothers Lee Yeow Chor and Lee Yeow Seng, owners of the IOI group in Malaysia, have expanded their presence in Singapore with properties valued at approximately $5 billion. The company, founded by their late father Lee Shin Cheng, has long focused on two main businesses: palm oil and property. While palm oil is the larger of the two, the property arm of the business has seen strategic acquisitions that have propelled it to success over the years. Yeow Chor oversees the palm oil business while Yeow Seng manages the property portfolio.
The late founder, Lee Shin Cheng, relinquished his CEO roles in both companies in 2014 and appointed his two sons to lead each company. This division of labor was intended to allow the brothers to independently grow their businesses. While the palm oil business remains the main source of the family’s wealth, the property arm is becoming increasingly important, acting as a counterbalance to the volatility of the palm oil industry. Despite a recent decrease in revenue for the palm oil business due to falling prices, the property business has remained steady with contributions from various assets in Singapore, China, and Malaysia.
IOI Properties, under the leadership of Lee Yeow Seng, has made significant investments in Singapore and is set to open its flagship development, IOI Central Boulevard Towers. The project includes a substantial amount of leasable space and has already attracted high-profile tenants such as Amazon and Morgan Stanley. Lee is confident in the success of the project, citing Singapore’s appeal to international businesses and its strong economic fundamentals.
In addition to its investments in Singapore, IOI Properties has continued to expand its portfolio in Malaysia. The company is in the process of developing Marina View Residences in Singapore, set to house a luxury hotel and apartment tower. Despite cooling measures in the luxury residential property market, Lee is optimistic about strong sales for the project. Furthermore, the company has aggressively expanded its hotel footprint in Malaysia and China to tap into the post-pandemic travel boom.
Lee Shin Cheng, the founder of IOI, was a natural entrepreneur who started the business at a young age. His vision and determination led to the growth of the company into a major player in the palm oil industry. The brothers have carried on their father’s legacy by maintaining a hands-on approach to leadership and envisioning further growth in both the palm oil and property sectors. Through strategic acquisitions, investments, and developments, IOI Properties is poised for continued success in the real estate market.
