World · Singapore Bureau
Malaysian Developer IOI Properties Eyes $979m Singapore Landmark Deal
Malaysia-listed IOI Properties Group is pursuing a major acquisition of two iconic Singapore properties, marking an aggressive expansion into the city-state's premium real estate market.
LSN Singapore ·
IOI Properties Group, one of Malaysia's leading property developers, is in advanced negotiations to acquire Chijmes and Capitol Kempinski, two of Singapore's most recognizable heritage and hospitality landmarks, in a combined transaction valued at approximately $979 million.
The Malaysian tycoon-backed developer has been systematically building its Singapore portfolio in recent years, with the proposed dual acquisition representing its most significant commitment to date in the city-state. Both properties hold considerable strategic value, offering mixed-use redevelopment potential in premium central locations that align with IOI's portfolio expansion strategy.
Chijmes, a restored Victorian convent complex in the Bras Basah area, and the Capitol Kempinski, a five-star hotel and retail development, represent marquee assets in Singapore's property market. The acquisition would position IOI Properties among foreign developers with substantial holdings in Singapore's core commercial and hospitality sectors.
The group's increased investment activity in Singapore reflects broader regional expansion efforts by major Malaysian developers seeking exposure to the city-state's resilient and liquid property market. IOI Properties has not yet officially confirmed the transaction details.