Ioi Properties Singapore Appoints Lorraine Shiow Ceo
IOI Properties Singapore has recently announced the appointment of Lorraine Shiow as their new CEO. Shiow will report directly to Lee Yeow Seng, the group CEO of Bursa Malaysia-listed IOI Properties Group. The creation of this new position reflects the firm’s commitment to strengthening its presence in the city-state.
As the CEO of IOI Properties Singapore, Shiow will be responsible for implementing new strategies to drive growth and improve performance. Her main focus will be on expanding the firm’s business and solidifying its reputation as a trusted property developer in Singapore.
Shiow joins IOI Properties from Frasers Property, China, where she served as CEO and oversaw various aspects of the business, including residential, commercial, and logistics projects, as well as investments and business development. She has also held other prominent roles at Frasers Property, such as COO, Executive VP for International Markets, and Acting COO for Singapore residential development.
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With Shiow’s leadership, IOI Properties Singapore is on track to complete its largest project in the country – the IOI Central Boulevard Towers. This multi-billion-dollar commercial development will feature 1.26 million sq ft of Grade-A office space spread across 16-storey and 48-storey towers, along with 30,000 sq ft of retail and F&B space. The property will also have direct access to the Downtown MRT Station on the Downtown Line.
According to the firm, 50% of the office space at IOI Central Boulevard Towers has already been leased, with big-name tenants such as Amazon and Morgan Stanley. It is expected to generate an annual rental income of $180 million, which will account for 20% of IOI Properties Group’s revenue.
Aside from the IOI Central Boulevard Towers, the firm also has two other projects in downtown Singapore – the 350-key W Singapore – Marina View luxury hotel and the 683-unit Marina View Residences. In addition, it has acquired Shenton House, which is set to be redeveloped into a mixed-use development featuring Grade-A office space and luxury branded serviced residences. These investments in Singapore’s CBD amount to a total of $4.616 billion, making up 64% of the group’s asset portfolio, which includes Malaysia and China.