Key facts
- Lee Yeow Seng is pursuing acquisitions in Singapore's commercial real estate market.
- IOI Properties Group is in exclusive talks for Chijmes and the Capitol Kempinski hotel.
- The potential deal value is estimated at US$760 million.
- IOI Properties' net debt has reached 85% of equity.
Malaysian property tycoon Lee Yeow Seng, CEO of IOI Properties Group, is in exclusive talks to acquire two commercial real estate assets in Singapore: Chijmes, a retail venue, and the Capitol Kempinski hotel. The potential deal value is estimated at US$760 million. Lee stated his ambition to "catch up with the rest" in Singapore's property market, which is dominated by wealthy clans. Perennial Holdings was marketing the Capitol Kempinski hotel for about S$600 million, while Chijmes was valued at S$379 million at the end of 2025. IOI's aggressive buying spree has increased its net debt to 85% of equity as of June 30. The company is also seeking investors for a new fund to support further expansion.