IOI Properties Singapore appoints Lorraine Shiow as CEO
With Shiow taking the reins at IOI Singapore, the property group is finishing its largest assignment in Singapore– IOI Central Blvd Towers, a multi-billion-dollar commercial property with 1.26 million sq ft of Grade-An office space around a 16-storey and 48-storey high rises and 30,000 sq ft retail and F&B area. The development will definitely additionally be straight connected to the Downtown MRT Terminal on the Downtown Line.
IOI Properties’ accumulated purchases in Singapore’s CBD total up to about $4.616 billion. The Singapore possessions make up 64% of the group’s total asset profile of $10.35 billion, including Malaysia and China.
IOI Properties Singapore has delegated Lorraine Shiow as CEO, a newly created role for the firm, according to the company in a May 27 news. The Singapore entity is part of Bursa Malaysia-listed IOI Properties Group, and Shiow is going to report specifically to firm CEO Lee Yeow Seng.
Shiow was previously CEO of Frasers Property, China, where she oversaw the company’s residential, commercial and logistics business, investments, and business growth. She had formerly held other C-Suite roles at Frasers Property, involving COO, executive VP for International Markets, and acting COO for Singapore non commercial development.
Besides IOI Central Boulevard Towers, the company has two various other properties in business district Singapore. One is the upcoming 350-key W Singapore – Marina View deluxe resort and 683-unit Marina View Residences.
As CEO of IOI Properties Singapore, Shiow will steer new approaches to boost efficiency, expand the firm’s service in the city-state and fortify its reputation as a trusted property developer in Singapore.
According to the company, approximately 50% of office at IOI Central Boulevard Towers has already been used, with support lessees like tech giant Amazon and global brokerage company Morgan Stanley. The building is anticipated to produce an approximated rental revenue of at the very least $180 million every year, accounting for 20% of IOI Properties Group’s revenue.
The other is the redevelopment of Shenton House, that Lee acquired en bloc for $538 million last November. The purpose is to redevelop Shenton House into a mixed-use project with Grade-An office and high-end branded serviced residences.
