IOI Properties Singapore appoints Lorraine Shiow as CEO
IOI Properties Singapore has already appointed Lorraine Shiow as chief executive officer, a new generated role for the firm, according to the firm in a May 27 statement. The Singapore entity is part of Bursa Malaysia-listed IOI Properties Group, and Shiow is going to inform straight to firm CEO Lee Yeow Seng.
Shiow was formerly chief executive officer of Frasers Property, China, wherein she oversaw the group’s non commercial, commercial and logistics service, investments, and service growth. She had formerly held other C-Suite positions at Frasers Property, including COO, executive VP for International Markets, and acting COO for Singapore residential growth.
IOI Properties’ collected acquisitions in Singapore’s CBD amount to about $4.616 billion. The Singapore assets account for 64% of the organization’s total property portfolio of $10.35 billion, involving Malaysia and China.
With Shiow getting the reins at IOI Singapore, the property group is accomplishing its largest venture in Singapore– IOI Central Blvd Towers, a multi-billion-dollar commercial development 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 space. The building will most likely additionally be directly connected to the Downtown MRT Terminal on the Downtown Line.
According to the firm, around 50% of office space at IOI Central Blvd Towers has already been leased, with anchor tenants including tech giant Amazon and global brokerage firm Morgan Stanley. The building is expected to generate an approximated rental revenue of at the very least $180 million every year, representing 20% of IOI Properties Group’s profits.
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 right into a mixed-use property development with Grade-A workplace and high-end branded serviced residences.
Besides IOI Central Blvd Towers, the business has two various other plans in business district Singapore. One is the upcoming 350-key W Singapore – Marina View luxury hotel and 683-unit Marina View Residences.
As CEO of IOI Properties Singapore, Shiow will steer new methods to boost productivity, expand the company’s service in the city-state and reinforce its credibility as a trusted property developer in Singapore.