Malaysian tycoon goes on Singapore property buying spree to ‘catch up with the rest’
Malaysian property tycoon Lee Yeow Seng is making waves as one of the most aggressive buyers of commercial real estate in Singapore, and he is not done yet. His IOI Properties Group is in exclusive talks and due diligence to purchase two property assets – Chijmes, a retail venue inside a former Catholic convent in its civic district, and the nearby Capitol Kempinski hotel, CEO Lee said in an…
Malaysian entrepreneur Lee Yeow Seng is actively investing in Singapore real estate, with his IOI Properties Group expressing interest in acquiring two assets - Chijmes and the Kempinski hotel. The Kempinski hotel was listed for sale at S$600 million, while Chijmes was valued at S$379 million at the end of 2025. IOI's aggressive property acquisitions have contributed to a surge in real estate deals in Singapore this year.
Lee, the 47-year-old CEO, aims to match the wealth of established property players in Singapore, stating, "I'm a latecomer and I want to catch up with the rest." The Kempinski hotel complex, managed by Perennial Holdings, holds a significant stake in Chijmes and surrounding properties. IOI seeks to introduce high-end fashion brands and attract a global ultra-luxury hotel brand to the area.
Lee seeks to reduce IOI's net debt to 30-50% of equity within the next three to five years, through the newly formed private investment fund led by Varun Singh.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
