PETALING JAYA: IOI Properties Group Bhd
’s (IOIPG) wholly-owned subsidiary Boulevard View Pte Ltd has entered into a conditional agreement to acquire 100% of Singapore’s Shenton 101 Pte Ltd (Shenton 101) for S$1, with the transaction carrying an aggregate value of about S$217.06mil (RM696.43mil), including the repayment of shareholder advances.
In a filing with Bursa Malaysia, IOIPG said the conditional agreement is with its group chief executive officer and major shareholder Datuk Lee Yeow Seng and Shenton 101 - which owns Shenton House.
Lee is also the director and sole shareholder of Shenton 101.
The acquisition marks a reversal of IOIPG’s earlier decision in August 2024 not to proceed with Lee’s previous proposal to acquire Shenton 101, amid the group’s then-existing capital commitments.
IOIPG, however, said the group’s circumstances and strategic position have since evolved, with its presence in Singapore strengthened and its conviction in pursuing high-quality, income-generating assets and strategic development opportunities in the country reinforced.
Shenton House is a 25-storey strata-titled commercial development completed in the mid-1970s comprising a 20-storey office tower atop a five-storey podium with three levels of shops and a multi-storey carpark, with a gross floor area of approximately 28,356 sq metres and a net lettable area of approximately 20,276 sq metres.
It was acquired for S$538mil in June 2024 following a collective sale.
Shenton House is currently planned for redevelopment into a mixed-use project comprising Grade-A offices, a luxury hotel and retail components. The proposed 35-storey development is expected to have 12 floors of offices and a 10-storey, 165-key hotel, with a proposed net lettable area of about 393,185 sq ft.
The redevelopment received provisional permission from Singapore’s Urban Redevelopment Authority in June 2026, although written permission remains outstanding.
Subject to the requisite approvals, construction is expected to begin in the first half of 2027 and be completed by the fourth quarter of 2031.
As at July 31, 2026, Lee’s shareholder advances to Shenton 101 stood at about S$217.06mil, which would bring the aggregate transaction value to the same amount if completion had taken place on that date.
“The proposed acquisition is an opportunity for the group to further strengthen its presence in Singapore’s central business district (CBD) in the Marina Bay area, taking into consideration the potential strategic benefits attributable to the proximity of Shenton House with the Group’s existing asset portfolio.
“Shenton House is strategically located within Singapore’s CBD and within walking distance to IOI Central Boulevard Towers and the recently acquired Asia Square Tower 2.”
Post redevelopment, IOIPG said Shenton House is expected to support portfolio clustering within the Marina Bay precinct, and provide opportunities for portfolio synergies and operational efficiencies across the group’s portfolio in Singapore.
“As such, the proposed acquisition is expected to expand the group’s long-term property investment portfolio in Singapore, in line with its strategy to deepen its foothold in Singapore’s premium grade commercial and hospitality segments.”
