IOI Properties Singapore appoints Lorraine Shiow as CEO
Aside From IOI Central Boulevard Towers, the firm has two other projects in business district Singapore. One is the upcoming 350-key W Singapore – Marina View high-end hotel and 683-unit Marina View Residences.
IOI Properties’ accumulated acquisitions in Singapore’s CBD amount to approximately $4.616 billion. The Singapore properties represent 64% of the organization’s total asset past record of $10.35 billion, consisting of Malaysia and China.
According to the company, about 50% of office space at IOI Central Boulevard Towers has already been rented, with support tenants like tech giant Amazon and international brokerage company Morgan Stanley. The property is expected to create an estimated rental income of at least $180 million yearly, representing 20% of IOI Properties Group’s revenue.
IOI Properties Singapore has already appointed Lorraine Shiow as CEO, a newly established role for the company, according to the firm in a May 27 statement. The Singapore entity belongs to Bursa Malaysia-listed IOI Properties Group, and Shiow will report straight to group CEO Lee Yeow Seng.
As CEO of IOI Properties Singapore, Shiow will steer brand-new methods to enhance performance, grow the firm’s business in the city-state and fortify its credibility as a respected real estate developer in Singapore.
With Shiow making the reins at IOI Singapore, the property group is accomplishing its biggest project in Singapore– IOI Central Blvd Towers, a multi-billion-dollar industrial development with 1.26 million sq ft of Grade-An office space across a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B space. The development will most likely even be directly linked to the Downtown MRT Terminal on the Downtown Line.
Shiow was in the past chief executive officer of Frasers Property, China, where she oversaw the company’s residential, commercial and logistics business, investments, and company progression. She had formerly accommodated other C-Suite positions at Frasers Property, consisting of COO, executive VP for International Markets, and acting COO for Singapore residential growth.
The other is the redevelopment of Shenton House, which Lee bought en bloc for $538 million last November. The intent is to redevelop Shenton House into a mixed-use property development with Grade-An office and high-end branded serviced residences.
