IOI Group, owned by billionaire brothers Lee Yeow Chor and Lee Yeow Seng, has established a strong presence in Singapore with properties valued at around $5 billion. The group, founded by their late father Lee Shin Cheng, focuses on two main businesses: palm oil through IOI Corp., and property through IOI Properties Group. Yeow Chor manages the palm oil business, while Yeow Seng oversees the real estate portfolio. The strategic acquisitions made by Lee in the 1980s and 1990s helped IOI Corp. become the third-largest palm oil producer in Malaysia.
IOI Properties currently owns assets worth 36.1 billion ringgit across China, Malaysia, and Singapore, with the Singapore properties accounting for a majority of the market value. Lee Yeow Seng, CEO of IOI Properties, is optimistic about the Singapore economy and the company’s prospects in the country. The flagship development, IOI Central Boulevard Towers, located in the financial district, is expected to be a significant contributor to the group’s revenue once fully leased.
Despite challenges faced by the property market due to government measures and weaker contributions from projects in China and Malaysia, IOI Properties has seen a significant increase in its share price. The company is expanding both in Singapore and at home in Malaysia, with investments in hospitality projects such as the W Hotel in Kuala Lumpur and Langkawi Island. Lee believes in the growth potential of the property market in Singapore and is confident in the success of their upcoming luxury residential project, W Marina Bay.
Lee Shin Cheng’s entrepreneurial journey started from humble beginnings, selling ice cream as a teenager on a Malaysian rubber estate. His foray into housing projects and later palm oil with the acquisition of Industrial Oxygen Inc. paved the way for IOI’s success. His sons, Yeow Chor and Yeow Seng, have taken on key leadership roles in the businesses he established, following his hands-on approach and vision for growth. The company continues to focus on both palm oil and property as key growth sectors for the future.
IOI Properties’ expansion in Singapore and Malaysia, along with strategic investments in hospitality projects, reflects the company’s commitment to growth and diversification. Despite challenges in the property market, the company remains focused on executing its development plans and leveraging its strong brand presence. The Lee family’s legacy and vision for the company’s future growth are evident in their strategic investments and proactive approach to market opportunities. As the company continues to expand its footprint, it remains a key player in both the palm oil and property sectors.
