Malaysian tycoon piling into Singapore property eyes US$760mil deal
Malaysian property tycoon Lee Yeow Seng is aggressively expanding his commercial real estate portfolio in Singapore through IOI Properties Group. The company is currently in exclusive talks to acquire the Chijmes retail complex and the Capitol Kempinski hotel.
Why it matters
This move signals a significant shift in Singapore's commercial real estate landscape as foreign investors challenge established local property clans.
Malaysian property tycoon Datuk Lee Yeow Seng is making waves as one of the most aggressive buyers of commercial real estate in Singapore, and he’s not done yet.
His IOI Properties Group Bhd . is in exclusive talks and due diligence to purchase two property assets - Chijmes, a retail venue inside a former Catholic convent in its civic district, and the nearby Capitol Kempinski hotel, Chief Executive Officer Lee said in an interview. He declined to disclose how much a final agreement will value the two assets at, citing ongoing negotiations.
Singapore developer Perennial Holdings has been trying to sell the Kempinski hotel, which was being marketed for about S$600 million ($468 million), according to people familiar with the matter. Chijmes was valued at S$379 million at the end of 2025.
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