This figure comprises the nearly $2.5 billion IOIPG has agreed to pay CapitaLand Integrated Commercial Trust (CICT) for full ownership of Asia Square Tower 2 (AST2), announced on April 20; its landmark project, IOI Central Boulevard Towers (ICBT), completed in 2024 and valued at some $4.2 billion; and mixed-use development South Beach Tower, valued at around $2.8 billion.
Bursa-listed IOI Properties Group has quickly amassed a portfolio focused on Singapore’s CBD, and that is not including Shenton House, which group CEO Lee Yeow Seng himself acquired in 2023
A new heavyweight has emerged among Singapore’s commercial landlords in Bursa-listed IOI Properties Group (IOIPG), say DBS Group Research analysts Dale Lai, Tabitha Foo, Geraldine Wong and Derek Tan. Following two major acquisitions in recent years, IOIPG has quickly amassed a portfolio focused on Singapore’s Central Business District (CBD) — one worth close to $10 billion.
