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 m and a net lettable area of approximately 20,276 sq m.
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.
Separately, IOIPG said it has received Bursa Malaysia’s approval to list its proposed RM7.58bil IOIPG Malaysia Real Estate Investment Trust (IOIPG-REIT) on the Main Market.
In a filing with Bursa Malaysia, the property developer said the exchange, via a letter dated Sept 30, had approved the admission of IOIPG-REIT to the official list of Bursa Malaysia, as well as the listing and quotation of its 5.5 billion units under the REITs sector.
It added that Bursa Malaysia also approved the listing and quotation of up to 300 million new units that will be issued as payment of management fees to IOI REIT Management Sdn Bhd, which is the REIT’s manager.
