Malaysian Billionaire Brothers’ IOI Properties To Buy Prime Singapore Office Tower For $2 Billion
IOI Properties Group—controlled by Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng—is buying a prime office building in Singapore for S$2.5 billion ($2 billion), expanding its footprint amid a property boom in one of the world’s most expensive real estate markets.
The Bursa Malaysia-listed developer will acquire 100% stake of Asia Square Tower 2, located in the center of Marina Bay financial district from CapitaLand Integrated Commercial Trust. The 46-story skyscraper is a premium office building with 72,343 sqm of net leasable space and counts Japan’s Mizuho Bank and Germany’s Allianz among its key tenants. The acquisition will boost IOI Properties’ presence in Singapore’s CBD, adding to its portfolio that includes IOI Central Boulevard Towers and South Beach Tower.
“This latest acquisition reflects IOI Properties Group’s continued conviction in prime Singapore assets, which offer stable recurring income streams supported by strong market fundamentals,” Lee Yeow Seng, group CEO of IOI Properties Group said in the statement.
Once the deal is completed by the third quarter this year, IOI Properties will have S$10 billion of assets under management with a total leasable area of 2.6 million square feet in Singapore. The deal comes as CapitaLand separately announced the acquisition of the Paragon shopping complex in the Orchard Road shopping precinct for S$3.9 billion.
Singapore’s booming property market has been attracting investors seeking safe haven investments amid rising geopolitical tensions in the world. Investment volumes in Singapore hotels, offices and retail assets climbed 18% to S$34 billion in 2025, the highest in eight years, driven by lower interest rates in the Lion City, according to real estate consultants CBRE. In February, Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi—bought part of the Centrepoint shopping mall on Orchard Road for S$392 million, paving the way for future redevelopment.