IOI Properties seeks secondary SGX listing, launches private fund

Secondary Listing on Singapore Exchange

IOI Properties Group (IOIPG) is exploring a secondary listing on the Singapore Exchange (SGX), according to CEO Lee Yeow Seng. He confirmed discussions with SGX CEO Loh Boon Chye during an October 2026 visit to Singapore. Lee stated that steps have already commenced towards this objective. IOIPG has been listed on the Main Market of Bursa Malaysia since January 2014. As of 8 October 2026, the company held a market capitalisation of approximately RM18.6 billion.

Expanding Singapore Property Footprint

The Malaysian developer seeks to deepen its presence in Singapore, where it has rapidly expanded its portfolio to become a significant commercial landlord. IOIPG now controls nearly S$12 billion worth of prime office space in Singapore.

This includes the recently completed IOI Central Boulevard Towers, the acquisition of City Developments’ share in South Beach Tower, and Asia Square Tower 2 (AST2) from CapitaLand Integrated Commercial Trust (CICT) earlier this year. Last week, IOIPG also agreed to acquire Shenton 101, which owns Shenton House, for a nominal S$1 from its CEO.

Strategy for Asset Monetisation

IOIPG has appointed DBS Bank and Jefferies as advisors for an upcoming private fund. This fund will initially hold key assets such as IOI Central Boulevard Towers and the office component of South Beach Tower. CEO Lee views a private fund as an effective method for monetising assets due to its transparency and quicker execution.

He estimates a private fund can launch within three to four months, contrasting with the two to three years typically required for a public REIT, which faces more extensive regulation.

Market Position and Future Collaboration

The group's underlying profit before tax (PBT) rose 98% year-on-year to RM424 million in 4QFY2026, with its property investment segment's PBT nearly tripling to RM272.8 million. CEO Lee also indicated potential collaboration with Hongkong Land, noting their combined 70% market share in Marina Bay office space.

This strategy mirrors Hongkong Land's Singapore Central Private Real Estate Fund (SCPREF), launched in February 2026 with an initial S$8.2 billion portfolio, highlighting a trend among major developers to monetise prime assets efficiently.