IOI Properties Group, led by Malaysian billionaire siblings Lee Yeow Chor and Lee Yeow Seng, is set to launch the Marina View Residences, a luxury residential tower in Singapore's Marina Bay financial district. The project, featuring 683 condominium units with a total value of $1.8 billion, is scheduled to go on sale within the company's current fiscal year ending on June 30, 2024. Despite a recent moderation in home prices in Singapore and increased stamp duty for foreign buyers, IOI Properties is pushing ahead with its expansion in the city-state, including the completion of office towers and investments in various assets.
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IOI Properties Group, led by Malaysian billionaire siblings Lee Yeow Chor and Lee Yeow Seng, is gearing up to release a luxury residential tower in Singapore's Marina Bay financial district. The Marina View Residences, featuring 683 condominium units with a total development value of 8.56 billion Malaysian ringgit ($1.8 billion), are set to go on sale within their current fiscal year, concluding on June 30, 2024. The Malaysian company acquired the 7,817-square-meter plot through a government auction in 2021 for S$1.51 billion ($1.1 billion).
IOI Properties is proceeding with the launch despite a moderation in home prices in Singapore during the second quarter, marking the first decline in two years. This decline followed the government's decision to double the stamp duty for most foreign buyers in an effort to temper the rising property prices, which have persisted despite increasing interest rates.
In recent years, the company has been increasing its investments in Singapore. In addition to the Marina View Residences project, which will incorporate a hotel element, IOI Properties is on track to finish the construction of the IOI Central Boulevard office towers by the conclusion of this year. Local media reports indicate that the company has already secured leases from prominent tenants such as Amazon and Morgan Stanley.
IOI Properties also holds stakes in other assets in Singapore, including the South Beach Development, a mixed-use office and hotel complex located near Marina Bay, developed jointly with billionaire Kwek Leng Beng's City Developments. Additionally, they have a partnership in Cape Royale, a high-end residential condominium project situated on Sentosa Island, in collaboration with tycoon Chua Thian Poh's Ho Bee Land.
The company reported that gains in fair value from the South Beach office tower, sales from Cape Royale, and increased contributions from their hotel ventures all contributed to a significant boost in IOI Properties' earnings last year. Their net profit surged to a record of 1.39 billion ringgit for the year ending on June 30, 2023, compared to 686.7 million ringgit in the previous year.
IOI Properties also holds stakes in other Singaporean assets. This includes involvement in the South Beach Development, a mixed-use complex containing offices and hotels located near Marina Bay. This project is a joint venture with billionaire Kwek Leng Beng's City Developments. Furthermore, IOI Properties is engaged in Cape Royale, a luxury residential condominium project situated on Sentosa Island, in collaboration with tycoon Chua Thian Poh's Ho Bee Land.
Lee Yeow Seng and his brother Yeow Chor, who serve as CEO and key figures in IOI Properties, inherited their father Lee Shin Cheng's substantial palm oil and property legacy following his passing in June 2019. The brothers, with a combined net worth of $4.6 billion, were listed as the 6th wealthiest individuals on Malaysia's 50 Richest list published in May this year. Their father, who rose from humble beginnings on a rubber plantation, established the palm oil giant IOI Corporation and the property developer IOI Properties. These two entities are commonly referred to collectively as the IOI Group.
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