IOI Properties Singapore appoints Lorraine Shiow as CEO
IOI Properties Singapore has appointed Lorraine Shiow as chief executive officer, a newly created situation for the company, according to the firm in a May 27 statement. The Singapore entity belongs to Bursa Malaysia-listed IOI Properties Team, and Shiow will report directly to group CEO Lee Yeow Seng.
The other is the redevelopment of Shenton House, in which Lee bought en bloc for $538 million last November. The purpose is to redevelop Shenton House into a mixed-use property development with Grade-An office and high-end branded serviced households.
Aside From IOI Central Boulevard Towers, the company has 2 other plans in business district Singapore. One is the upcoming 350-key W Singapore – Marina View luxury resort and 683-unit Marina View Residences.
With Shiow making the reins at IOI Singapore, the property group is completing its largest assignment in Singapore– IOI Central Boulevard Towers, a multi-billion-dollar industrial property with 1.26 million sq ft of Grade-An office around a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B area. The development will also be directly attached to the Downtown MRT Terminal on the Downtown Line.
According to the firm, around 50% of office space at IOI Central Boulevard Towers has already been leased, with support renters like tech giant Amazon and international brokerage house firm Morgan Stanley. The commercial property is expected to generate an estimated rental earnings of at least $180 million every year, making up 20% of IOI Properties Group’s revenue.
As CEO of IOI Properties Singapore, Shiow will definitely steer new methods to raise efficiency, expand the company’s service in the city-state and reinforce its reputation as a trustworthy residential property developer in Singapore.
Shiow was in the past CEO of Frasers Property, China, where she looked after the company’s non commercial, commercial and logistics service, investments, and company development. She had previously accommodated other C-Suite positions at Frasers Property, including COO, executive VP for International Markets, and acting COO for Singapore housing development.
IOI Properties’ accumulated investments in Singapore’s CBD total up to around $4.616 billion. The Singapore possessions make up 64% of the organization’s complete possession past record of $10.35 billion, involving Malaysia and China.
