IOI Properties targets early 2027 Singapore listing, plans private fund
The Malaysian developer has begun marketing a Singapore property fund backed by S$6 billion in assets as it seeks to lower debt.
IOI Properties is aiming for a secondary listing on the Singapore Exchange in early 2027 and plans to establish a private fund containing some of its Singapore properties, according to chief executive Lee Yeow Seng.
The Malaysia-listed group has opened discussions with the exchange, Lee said, according to the New Straits Times. He previously told The Edge Singapore that meeting many compliance requirements through its Bursa Malaysia listing could allow the process to move quickly.
Lee said marketing had started for the planned fund, which would include the South Beach complex and IOI Central Boulevard Towers. It is backed by S$6 billion in assets. The Edge Malaysia reported that Lee expected a yield of at least 3.5 per cent, in line with market rates for prime Grade-A offices in Singapore.
The initiatives are intended to help bring net debt down from 85 per cent of equity at end-June to 30-50 per cent over three to five years. Singapore property acquisitions have increased the group's borrowings.
Those deals include buying City Developments' majority interest in South Beach, acquiring Asia Square Tower 2 and agreeing to buy the owner of Shenton House. IOI Properties now owns nearly S$12 billion of prime Singapore office properties.
Lee also said the group was holding exclusive negotiations on a joint purchase of One Raffles Place and potential acquisitions of the historic CHIJMES complex and Capitol Kempinski hotel.
