IOI Properties agrees to buy CEO’s Shenton House holding firm for S$1
The group will also repay S$217.06 million in shareholder advances, with the acquisition subject to regulatory and lender approvals.
Malaysia-listed IOI Properties has reached a conditional deal to acquire Shenton 101, the company that owns Singapore’s Shenton House, from group CEO Lee Yeow Seng. The price for the entire company is S$1, alongside repayment of S$217.06 million in advances provided by Lee, according to a Bursa Malaysia filing cited by the New Straits Times.
Lee owns all of Shenton 101 and serves as its director. He is also a major shareholder in IOI Properties. He established the holding company to purchase Shenton House, which it acquired through a S$538 million collective sale completed in June 2024.
The 25-storey commercial property stands in Singapore’s central business district. It has approximately 28,356 square metres of gross floor area and around 20,276 square metres of net lettable space. Plans call for its redevelopment with Grade-A offices, a luxury hotel and retail space.
IOI Properties’ board rejected an earlier sale proposal from Lee in August 2024 because of substantial capital commitments. The group said its circumstances had changed as it expanded in Singapore and placed greater emphasis on income-producing properties and development opportunities there, according to The Star.
The group will use internal funds for the purchase. Shareholder approval is not required, but completion depends on Bank Negara Malaysia’s approval and consent from the Singapore Land Authority and Shenton 101’s lenders.
