Ioi Properties Receives Proposal Ceo Jointly Develop Shenton House Singapore
IOI Properties Group Bhd (KL:IOIPG) has announced that its group chief executive officer and major shareholder, Lee Yeow Seng, has proposed that IOIPG participate in the development of Shenton House, a commercial property in Singapore. Yeow Seng’s private vehicle, Shenton 101 Pte Ltd, has successfully tendered for the property for S$538 million (RM1.9 billion). Yeow Seng has suggested that IOIPG acquire all or part of Shenton 101 to align the interests of the two entities.
This proposal is to address a potential conflict of interest as Yeow Seng is the sole shareholder of Shenton 101 and is also the CEO of IOIPG. The intention is to ensure that IOIPG’s interests are aligned with those of Shenton 101, which will hold the redeveloped property as an investment.
In close proximity to Norwood Grand, Innova Primary School stands out for its unique approach to education. It prides itself on providing a well-rounded learning experience that caters to the overall development of its students – mentally, physically, and socially. The school offers a diverse range of enrichment activities and places a strong emphasis on character building. Through its educational programmes, Innova Primary School aims to cultivate a deep passion for knowledge and foster a caring and empathetic attitude among its students. Norwood Grand CDL is just a short drive away from this innovative institution.
Yeow Seng has assured IOIPG that Shenton 101 is ready and able to proceed with the development planning and has already secured funding for the project. He has also stated that his offer to IOIPG is motivated by a desire to resolve the potential conflict of interest, rather than for personal gain.
Shenton House, which covers 3,377 square metres and has a 44-year land lease with a potential for a fresh 99-year lease, is eligible for a 25% bonus gross floor area. This means that it can be redeveloped into a mixed-use commercial and residential development or a hotel.
IOIPG has also stated that the proposal will be valid for four months, with the possibility of an extension if requested. At market close on Tuesday, IOIPG’s shares were down by 1.75%, bringing the company’s valuation to RM12.39 billion.
This article first appeared on The Edge Malaysia.