Ioi Properties Singapore Appoints Lorraine Shiow Ceo
In a recent announcement on May 27, IOI Properties Singapore has appointed Lorraine Shiow as its first CEO. This newly created position for the company is part of the Bursa Malaysia-listed IOI Properties Group, and Shiow will report directly to group CEO Lee Yeow Seng.
As the CEO of IOI Properties Singapore, Shiow will be responsible for driving new strategies to increase the firm’s performance and grow its business in the city-state. She will also work to strengthen the company’s reputation as a trustworthy property developer in Singapore.
Shiow comes to IOI Properties with a wealth of experience, having previously served as the CEO of Frasers Property, China. In this role, she oversaw the group’s residential, commercial, and logistics business, as well as investments and business development. She also held other C-Suite positions at Frasers Property, including COO, executive VP for International Markets, and acting COO for Singapore residential development.
The joint developers of Novo Place EC triumphed in the competitive tender process, winning the highly sought-after site for a remarkable $348.5 million. Achieving a new record-breaking land rate of $703 per square foot per plot ratio (psf ppr), this sale has surpassed the previous high of $662 psf ppr set in March 2022 for a site at Bukit Batok West Avenue 8. Excitement for the once-in-a-lifetime opportunity of owning a unit in Novo Place EC is naturally at an all-time high. Visit Novo Place EC to learn more.
With Shiow at the helm, IOI Properties is currently completing its largest project in Singapore – IOI Central Boulevard Towers. This multi-billion-dollar commercial development will feature 1.26 million sq ft of Grade-A office space across two towers (16-storey and 48-storey) and 30,000 sq ft of retail and F&B space. The building will also have a direct link to the Downtown MRT Station on the Downtown Line.
According to the firm, approximately 50% of the office space at IOI Central Boulevard Towers has already been leased, with anchor tenants such as tech giant Amazon and global brokerage firm Morgan Stanley. It is estimated that the property will generate a rental income of at least $180 million annually, accounting for 20% of IOI Properties Group’s revenue.
In addition to IOI Central Boulevard Towers, the company has two other projects in downtown Singapore. The first is the upcoming W Singapore – Marina View luxury hotel with 350 rooms and 683-unit Marina View Residences. The second is the redevelopment of Shenton House, which Lee purchased for $538 million in November 2019. The plan is to turn Shenton House into a mixed-use development with Grade-A office space and luxury branded serviced residences.
With these developments, IOI Properties has invested a total of $4.616 billion in the CBD of Singapore. These assets make up 64% of the group’s total portfolio, which also includes properties in Malaysia and China.