Shenton 101 was the sole bidder for Shenton House, a property situated in Singapore’s central business district. CEO Lee Yeow Seng previously mentioned that he preferred to bid for Shenton House through his own entity due to the scale of the project and the tight timeline set by the sales committee for the collective sale.
“Moreover, under Singapore’s central business district incentive scheme, Shenton House qualifies for a 25% bonus gross floor area, which can be redeveloped into a mixed-use commercial and residential development or a hotel with a gross plot ratio (GPR) of 14. As a result, Shenton House is slated for redevelopment into a new 99-year leasehold commercial property,” IOI Properties Group (IOIPG) stated.
“Yeow Seng has assured IOIPG that Shenton 101 is prepared and equipped to proceed with the redevelopment planning for Shenton House following the tender conditions. He also mentioned that Shenton 101 has made significant progress in securing financing for the project. The purpose of extending this proposal to IOIPG is to help address and mitigate any potential conflict of interest,” according to IOIPG’s filing.
At the close of trading on Tuesday, IOI Properties’ shares dropped 4 sen, or 1.75%, to RM2.25, valuing the company at RM12.39 billion.
According to a stock exchange filing, Yeow Seng has proposed that IOIPG acquire all or part of his entity, Shenton 101 Pte Ltd, which plans to redevelop Shenton House, with construction expected to commence by the end of 2025.
IOIPG stated that the proposal is valid for four months, with an option to extend it for an additional two months if a written request is received from IOIPG.