IOI Properties gets proposal for joint development of Shenton House in Singapore

IOI Properties Group Bhd group chief executive officer Lee Yeow Seng

PETALING JAYA: IOI Properties Group Bhd (IOIPG) has received a letter of proposal from group chief executive officer and substantial shareholder, Lee Yeow Seng, to to acquire Shenton 101 Pte Ltd for the redevelopment of “Shenton House”.

In a filing with Bursa Malaysia, IOIPG said Singapore-based Shenton 101 Pte Ltd, of which Lee is the sole shareholder, had successfully tendered for the collective sale and purchase of Shenton House at a consideration of S$538mil.

“Shenton 101 is therefore to carry out the redevelopment of Shenton House, the redevelopment works for which are scheduled to commence at the end of 2025.

“Shenton House is located in Singapore’s central business district, which spans 3,377 sq metres and is zoned as “commercial” with a gross plot ratio of 11.2 according to the Urban Redevelopment Authority of Singapore’s Master Plan 2019.”

Upon the successful redevelopment of Shenton House, IOIPG said it is the intention that Shenton 101 shall hold the redeveloped property as an investment property.

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