Malaysian Tycoon Lee Yeow Seng Doubles Down On Singapore Bet With Record $394 Million Office Tower Purchase
Following the sale of the Far East Shopping Centre on Orchard Road, another Singapore investment record has been broken with Malaysia’s IOI Properties Group CEO and key shareholder Lee Yeow Seng agreeing to purchase Shenton House for the equivalent of $394 million.
Built in the 1970s, Shenton House lies along Shenton Way on the edge of the Marina Bay downtown, and will be developed into a modern Grade A office building and luxury ‘service residences’. Amid the limited supply of such properties in Singapore’s core CBD area, the purchase of Shenton House reinforces Lee Seng’s confidence in the City-State’s commercial and residential economy. Additionally, the acquisition comes shortly after the completion of– and parallelly located to– the IOI Central Boulevard Towers.
Accompanied by the dealings of billionaires like Chinese steel tycoon Du Shuanghua, Malaysian magnate Lee Yeow Seng and his brother Yeow Chor, who now remain trustees of the IOI Group after the passing of the $4.6 billion dollar founder (Lee Shin Cheng) last year, continue to invest in major Singaporean projects including the South Beach Development, a office/hotel complex jointly developed with Kwek Leng Beng’s City Developments, Pte, as well as the Cape Royale luxury residence.
Yeow Seng & Chor, who ranks on the list of Malaysia 50 Richest, demonstrate how they not only hold true their tycoon father’s successful “rubber plantation” legacy, but are also focusing on creating their own impressive resume of real-estate acquisitions – this time in good old Singapore.