Lorraine Shiow has been appointed as the CEO of IOI Properties Singapore, leading the company’s expansion in the city-state. Shiow, a real estate industry veteran, brings a strong track record of delivering portfolio and organizational changes to drive growth and sustainable business. She will report directly to Yeow Seng, IOI Properties’ group CEO, and is tasked with accelerating the company’s growth engine and spearheading new strategies to drive performance and build its reputation as a trusted partner.
IOI Properties recently completed its most significant project, the IOI Central Boulevard Towers in Marina Bay, a $3 billion office complex with about 1.3 million square feet of net leasable space. The property has already leased about 50% of its space to blue-chip tenants such as Amazon and Morgan Stanley. The company is also developing the Marina View Residences, set to be completed in 2028 and will include the 350-room W Hotel and the 683-unit W Residences.
In the past decade, IOI Properties has aggressively expanded in Singapore, investing in projects such as South Beach and the recent acquisition of Shenton House for $538 million. Shenton House will be redeveloped into an office and service apartment complex with a combined net leasable space of around 500,000 square feet, representing an investment of up to $2 billion. Lee Yeow Seng, through his private company Shenton 101, sees great potential in Marina Bay due to the limited available land and pent-up demand.
IOI Properties has also been strengthening its office in Singapore, with the city-state accounting for 64% of the value of the group’s property portfolio worth $7.7 billion. In March, the company hired David Tibbott as managing director for asset management in Singapore, further bolstering its presence in the market. Yeow Seng and his brother Yeow Chor inherited their fortunes from their late father, who started the property and palm oil businesses nearly 50 years ago. With a combined net worth of $5.35 billion, the brothers are ranked No. 4 among Malaysia’s 50 richest individuals.
The appointment of Shiow as CEO of IOI Properties Singapore signals the company’s commitment to continuing its growth and expansion in the city-state. With a strong track record in real estate and a focus on driving performance and building strategic partnerships, Shiow is expected to lead the company’s future developments and projects in Singapore. The completion of the IOI Central Boulevard Towers and ongoing projects such as Marina View Residences demonstrate the company’s commitment to investing in high-value developments in key locations like Marina Bay.
