IOI Properties Singapore has announced the appointment of Lorraine Shiow as its new Chief Executive Officer, a newly created position within the company. Shiow will report directly to the Group CEO, Lee Yeow Seng, as she leads the company’s strategic initiatives in Singapore.
Shiow brings a wealth of experience to IOI Properties, having previously served as CEO of Frasers Property China. In that role, she was responsible for overseeing the group’s residential, commercial, and logistics businesses, as well as its investments and corporate development. Her extensive experience includes various other senior leadership roles at Frasers Property, such as COO, Executive VP for International Markets, and Acting COO for Singapore residential property development.
As CEO of IOI Properties Singapore, Shiow will be tasked with driving new strategies to enhance the company’s efficiency, expand its business footprint in Singapore, and strengthen its reputation as a reliable property developer in the region.
IOI Properties Singapore is a subsidiary of the Bursa Malaysia-listed IOI Properties Group, with substantial investments in Singapore’s Central Business District (CBD). The company’s assets in Singapore are valued at approximately $4.616 billion, accounting for 64% of the group’s total property portfolio, which spans Malaysia and China and is worth $10.35 billion.
The company is currently nearing the completion of its largest project in Singapore, the IOI Central Boulevard Towers. This multi-billion-dollar development includes 1.26 million square feet of Grade-A office space spread across 16-storey and 48-storey towers, as well as 30,000 square feet of retail and F&B space. The project is directly connected to the Downtown MRT station on the Downtown Line.
Approximately 50% of the office space has already been leased to major tenants, including technology giant Amazon and global brokerage firm Morgan Stanley. The building is expected to generate an estimated annual rental income of at least $180 million, contributing 20% to IOI Properties Group’s revenue.
In addition to the IOI Central Boulevard Towers, the company is also involved in two other projects in downtown Singapore. These include the upcoming 350-key W Singapore – Marina View luxury hotel and the 683-unit Marina View Residences.
Another significant redevelopment project is the transformation of Shenton House, which was purchased en bloc for $538 million in November of last year. The plan is to redevelop Shenton House into a mixed-use project featuring Grade-A office space and high-end branded serviced residences.