New Plans for Malaysian’s Billionaires: IOI Properties Expands in Singapore Under New Leadership of Lorraine Shiow

IOI Properties, under the control of Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng, has appointed real estate veteran Lorraine Shiow as the new CEO for Singapore. This strategic move aims to bolster the company’s expansion in the city-state, a critical market where a significant portion of IOI’s assets are located.

Previously, Shiow served as the China CEO for Frasers Property, owned by Thai billionaire Charoen Sirivadhanabhakdi. Her extensive experience includes positions at ARA Asset Management, CapitaLand, and ING Real Estate Asia. Reporting directly to group CEO Yeow Seng, Shiow is tasked with accelerating the company’s growth, implementing new strategies, and enhancing its reputation as a leading developer.

Singapore now represents 64% of the value of IOI Properties’ portfolio, worth 36 billion ringgit (US$7.7 billion). To strengthen its operations further, the company hired David Tibbott as managing director for asset management in Singapore in March. Tibbott brings a wealth of experience from his previous roles at Chelsfield, Frasers Property, and Hongkong Land.

Shiow’s appointment is part of a broader strategy to enhance IOI Properties’ portfolio in Singapore. Based in Putrajaya, Malaysia, IOI Properties announced this leadership change on its LinkedIn page, emphasizing Shiow’s role in driving long-term growth.

Shiow steps into her role as IOI Properties completes its largest project to date, the IOI Central Boulevard Towers in Marina Bay. The development, costing approximately S$4 billion (US$3 billion), features 1.3 million square feet of leasable office space across a seven-story podium, a 16-story tower, and a 48-story skyscraper adjacent to the iconic Lau Pa Sat hawker center.

With a temporary occupation permit recently secured, about half of the IOI Central Boulevard space has been leased to prominent tenants like Amazon and Morgan Stanley. In addition, IOI is developing the Marina View Residences, which will include a 350-room W Hotel and 683 residential units, scheduled for completion in 2028.

Over the past decade, IOI Properties has pursued an aggressive expansion strategy in Singapore. In 2011, it partnered with billionaire Kwek Leng Beng’s City Developments to invest in South Beach, a mixed-use complex featuring a hotel, offices, and residences. More recently, Lee Yeow Seng’s private company, Shenton 101, placed the highest bid for Shenton House, an aging office building near Marina Bay, for S$538 million. Plans are underway to redevelop Shenton House into a modern office and service apartment complex, with a projected investment of up to S$2 billion.

The Lee brothers inherited their wealth from their late father, Lee Shin Cheng, who founded the family’s property and palm oil businesses nearly 50 years ago. With a combined net worth of US$5.35 billion, the brothers were ranked fourth on Malaysia’s list of 50 richest individuals by Forbes Asia last month.

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