IOI Properties says board has not considered potential Singapore purchases
The clarification follows a report that the developer was in exclusive talks for Chijmes and the Capitol Kempinski hotel.
IOI Properties Group Bhd said on Oct 16 that potential Singapore property purchases discussed publicly by its chief executive officer had not reached its board for consideration. In a filing with the bourse, the developer said its investment committee had not formally reviewed the proposed acquisitions either.
Bloomberg had quoted CEO Datuk Lee Yeow Seng as saying the group was negotiating exclusively to acquire Chijmes, a retail venue, and the Capitol Kempinski hotel. Lee did not provide a final transaction value for the properties because negotiations remained ongoing.
According to Bloomberg, Singapore developer Perennial Holdings has been seeking a buyer for the hotel, priced at S$600 million (RM1.91 billion). Chijmes carried a valuation of S$379 million at the end of 2025.
IOI Properties said assessing acquisition opportunities was a routine part of its strategy for long-term growth. It said material developments would be disclosed under applicable obligations once any definitive agreement was executed.
The group already owns about S$12 billion worth of prime office properties in Singapore. Its purchase of Shenton House and a possible acquisition of a 50% interest in One Raffles Place were announced within a fortnight.
