SINGAPORE: IOI Properties Group
is exploring two real estate investment trust listings in Malaysia and Singapore, with a combined asset value of up to US$8bil, two sources with knowledge of the matter said.
The company, one of Malaysia's largest property developers, is in talks with advisers and looking to list a Malaysia REIT on Bursa Malaysia in 2026 and a Singapore REIT on SGX in 2027, the sources added.
The Malaysian REIT is expected to include domestic assets valued at about RM7bil to RM8bil, while the Singapore REIT will cover assets worth S$7bil to S$8bil, they said.
The Singapore REIT may include marquee properties such as South Beach Tower, South Beach Avenue, and IOI Central Boulevard Towers, one of the sources said.
The company has yet to decide the amount to be raised or the final asset mix, said the sources, who declined to be identified, as the matter is private.
In an emailed response to Reuters, IOI Properties Group said it was "strategically considering and reviewing various possibilities with regard to monetising our assets and capital management as we look to ensure the Group's sustained growth ahead, specifically in Malaysia and Singapore".
The review of potential REITs, particularly for Malaysian assets, was part of its 2026 strategic plans aimed at diversification, boosting earnings and ensuring long-term stability, it added.
Shares of the company climbed 1.4% to RM2.13 on Tuesday, outperforming a drop of 0.4% in the domestic benchmark, LSEG data showed.
Founded in 1975 by the late Malaysian tycoon Tan Sri Lee Shin Cheng, IOI Properties Group was listed on Bursa Malaysia in January 2014 after a demerger from IOI Corp in 2013.
The group has grown to have total assets of RM46.9bil as of June 2025, its annual report shows.
Its Malaysian portfolio includes IOI City Mall in Putrajaya, the country's largest shopping complex, IOI Mall Damansara and office towers in the Klang Valley.
In Singapore, the group owns IOI Central Boulevard Towers in Marina Bay and recently acquired full ownership of the South Beach mixed-use development for S$835mil.
Lee's sons, Datuk Lee Yeow Chor and Lee Yeow Seng, who control IOI Properties Group and palm oil giant IOI Corp, have a combined net worth of about US$5.2bil, according to Forbes. - Reuters
