Malaysian tycoon piling into Singapore property eyes $979m deal for Chijmes, Capitol Kempinski
Malaysia-listed IOI Properties Group has splashed out on a range of Singapore properties.
Malaysian property magnate Lee Yeow Seng is making significant moves in Singapore's real estate market. His IOI Properties Group is in exclusive negotiations to acquire two key assets: the Chijmes retail venue and the nearby Capitol Kempinski hotel. The Kempinski hotel was previously valued at approximately $600 million, while Chijmes was assessed at $379 million at the end of 2025.
IOI's aggressive buying spree has contributed to a record year for real estate deals in Singapore. Lee, who is expanding into new opportunities, aims to challenge the established property dynasties in Singapore. The group seeks to bring high-end fashion brands to Chijmes and replace the Kempinski hotel with a global ultra-luxury property.
IOI is also exploring a joint venture with CapitaLand Investment to acquire One Raffles Place, a major office complex. Lee's plans for a private fund, overseen by Varun Singh, will focus on investing in Singapore's commercial real estate market, with a target internal rate of return of 10%-11%. Lee remains confident in Singapore's real estate prospects despite challenges faced by other sectors in the country.
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