Shenton House, situated in Singapore’s bustling Central Business District, has been sold for an impressive S$538 million, according to JLL, the exclusive marketing agent.
The building was put up for public tender again in October.
The buyer is Shenton 101 Pte Ltd, a company owned by Lee Yeow Seng, who is the group chief executive officer of IOI Properties Group (IOIPG), which is listed on Bursa Malaysia Securities.
According to Lee, he decided to participate in the bid as an individual rather than on behalf of IOIPG. He cited the large scale of the acquisition and the strict timeline set by the collective sales committee (CSC) as the reasons for his personal involvement.
Given IOIPG’s existing investments in the Marina Bay area, including IOI Central Boulevard Towers, W Marina Bay, and Marina View Residences, the acquisition and redevelopment of Shenton House align perfectly with IOIPG’s strategic presence in Marina Bay,” the speaker explained.
IOIPG focusses on property development, property investments, and hospitality and leisure in Malaysia, Singapore, and Xiamen, China.
