IOI eyes US$760mil deal in Singapore

Malaysian property tycoon Lee Yeow Seng's IOI Properties Group Bhd is engaged in exclusive negotiations to acquire two commercial real estate assets in Singapore - Chijmes, a retail venue located in a former convent, and the nearby Kempinski hotel, reports say. Lee declined to disclose the exact valuation for the two assets, citing ongoing discussions.

Perennial Holdings has been attempting to sell the Kempinski hotel, which was previously listed at roughly S$600 million. Chijmes, however, was valued at S$379 million at the close of 2025. IOI's aggressive buying spree has contributed to a record year for real estate transactions in Singapore, with the firm currently seeking investors for a new fund to finance further expansion.

The firm aims to reduce its net debt to between 30% and 50% of its equity within three to five years. Lee, who is not a newcomer to the Singapore property market, aims to challenge the powerful families that traditionally dominate the market. He envisions transforming the Chijmes complex into a prime retail destination by attracting high-end fashion brands and replacing the Kempinski hotel with a luxury hotel chain.