🏙️ Malaysian Tycoon Lee Yeow Seng Invests $394 Million in Singapore Office Tower 🏢

In a bold move, Malaysian magnate Lee Yeow Seng, CEO and major shareholder of IOI Properties Group, is doubling down on his Singaporean venture. He has struck a deal to acquire Shenton House, one of the venerable edifices in Singapore's Raffles Place central business district, for a hefty sum of S$538 million ($394 million).

Shenton House, an architectural relic dating back to the 1970s, was one of the pioneering high-rise structures along Shenton Way, bordering the burgeoning Marina Bay downtown. The transaction is contingent upon approval from the Strata Titles Board, as confirmed by JLL, the exclusive property marketing agent.

🏗️ "We are determined to transform this strategically positioned and highly visible site into a premier Grade A office space and luxurious branded service residences," declared Lee. "This acquisition is a testament to my enduring faith in Singapore's prime office sector and the rental market for upscale residences."

The redevelopment of Shenton House, occupying a 3,377 square meter site, is expected to reinvigorate Shenton Way, addressing the scarcity of Grade A office spaces and luxury rentals in the central CBD area, according to Tan Hoon Boon, Executive Director of JLL Capital Markets.

💼 "This bid underscores the appeal of Singapore's office sector and residential rental market, supported by Singapore's exceptional standing as Asia's financial and business hub," Tan emphasized.

Lee's IOI Properties has been ramping up its investments in Singapore's CBD in recent years. The Kuala Lumpur-based firm is on track to finalize the construction of IOI Central Boulevard Towers, a Grade A office skyscraper adjacent to Shenton House by year-end. Additionally, they are developing the Marina View Residences as part of a multifaceted hotel, residential, and commercial complex in Marina Bay.

IOI Properties also holds interests in other Singaporean assets, including the South Beach Development, a mixed-use office and hotel complex in Marina Bay, co-developed with billionaire Kwek Leng Beng's City Developments, and Cape Royale, a luxurious residential condominium project on Sentosa Island in collaboration with tycoon Chua Thian Poh's Ho Bee Land. 🏨🏬🏝️