Business · Malaysia Bureau
IOI Properties pursues flagship Singapore acquisition worth US$760m
Malaysian property developer IOI Properties Group is in exclusive negotiations to acquire two premium Singapore assets: the heritage retail complex Chijmes and the adjacent Capitol Kempinski hotel, in a deal valued at approximately US$760 million.
LSN Malaysia ·
IOI Properties Group Bhd has entered exclusive talks to purchase Chijmes, a distinctive retail and dining destination housed within a restored former Catholic convent in Singapore's civic district, alongside the nearby Capitol Kempinski hotel. The combined acquisition represents a significant expansion of the Kuala Lumpur-listed developer's presence in Singapore's prime commercial real estate market.
Chijmes, located in the heart of Singapore's central business district, is recognised as a landmark destination combining heritage conservation with modern retail operations. The property's unique architectural character and established tenant base have made it a sought-after acquisition in Singapore's competitive real estate sector.
The Capitol Kempinski, positioned adjacent to Chijmes, represents a premium hospitality asset in one of Singapore's most accessible and vibrant precincts. Together, the properties would form a complementary mixed-use portfolio for IOI Properties, combining retail, food and beverage, and accommodation offerings.
The exclusive negotiations underscore IOI Properties' strategic focus on acquiring trophy assets in major Southeast Asian cities. The transaction, pending finalisation of terms, would represent one of the developer's largest single investments beyond Malaysia in recent years.