“Due to the size of the subject acquisition and the tight timing set by the sales committee of this collective sale, I feel that it would be more appropriate to bid for Shenton House via a privately-owned vehicle,” says Lee of IOI Properties Group (IOIPG).
Shenton 101, a private company owned by Lee Yeow Seng, CEO and major shareholder of Bursa Malaysia-listed IOI Properties Group, has emerged as the sole bidder for Shenton House at the close of the collective sale tender at 3pm on Nov 1. JLL is the marketing agent for Shenton House.
The purchase price of $538 million is equivalent to the reserve price, which was reduced from $590 million when the collective sale was relaunched on Oct 20.
