IOI Properties Singapore has appointed Lorraine Shiow as CEO, a newly created position for the firm. (Photo: IOI Properties Singapore)

IOI Properties Singapore appoints Lorraine Shiow as CEO

IOI Properties Singapore has appointed Lorraine Shiow as CEO, a newly created position for the firm, according to the company in a May 27 announcement. The Singapore entity is part of Bursa Malaysia-listed IOI Properties Group, and Shiow will report directly to group CEO Lee Yeow Seng.

As CEO of IOI Properties Singapore, Shiow will drive new strategies to increase performance, grow the firm's business in the city-state and fortify its reputation as a trustworthy property developer in Singapore.

Shiow was previously CEO of Frasers Property, China, where she oversaw the group's residential, commercial and logistics business, investments, and business development. She had previously held other C-Suite positions at Frasers Property, including COO, executive VP for International Markets, and acting COO for Singapore residential development.

With Shiow taking the reins at IOI Singapore, the property group is completing its largest project in Singapore -- IOI Central Boulevard Towers, a multi-billion-dollar commercial development with 1.26 million sq ft of Grade-A office space across a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B space. The building will also be directly linked to the Downtown MRT Station on the Downtown Line.

According to the firm, about 50% of office space at IOI Central Boulevard Towers has already been leased, with anchor tenants such as tech giant Amazon and global brokerage firm Morgan Stanley. The property is expected to generate an estimated rental income of at least $180 million annually, accounting for 20% of IOI Properties Group's revenue.

Besides IOI Central Boulevard Towers, the firm has two other projects in downtown Singapore. One is the upcoming 350-key W Singapore - Marina View luxury hotel and 683-unit Marina View Residences.

The other is the redevelopment of Shenton House, which Lee purchased en bloc for $538 million last November. The intention is to redevelop Shenton House into a mixed-use development with Grade-A office space and luxury branded serviced residences.

IOI Properties' aggregate purchases in Singapore's CBD amount to about $4.616 billion. The Singapore assets account for 64% of the group's total asset portfolio of $10.35 billion, including Malaysia and China.

Source: EdgeProp SG