Despite economic headwinds and global uncertainties, IOI Properties Group has demonstrated remarkable resilience, posting significant growth across key financial metrics for its fiscal year ending June 2024. The Malaysian property giant reported a 13% revenue increase to RM2.94 billion, with pre-tax profits jumping 42% to RM2.3 billion, showcasing its ability to thrive in challenging market conditions through strategic diversification and disciplined execution.
The company’s success stems from a balanced portfolio spanning property development, investments, and hospitality. Development remains the core driver at 69% of revenue, while investment properties contributed 22%, boosted by new assets like Singapore’s IOI Central Boulevard Towers. Hospitality saw 25% growth following the debut of Moxy Putrajaya and acquisition of W Kuala Lumpur. Looking ahead, IOI anticipates strong momentum from upcoming launches including Singapore’s W Residences Marina View and Malaysian industrial projects, alongside new hospitality assets like Courtyard by Marriott Penang and Sheraton Grand Xiamen Jimei.
Geographical expansion continues to be a priority, with Singapore’s office market showing particular promise. The nearly completed IOI Central Boulevard Towers has already secured 68% office occupancy, while in China, the fully leased IOI Business Park Xiamen provides stable recurring income. Johor emerges as another growth hotspot, with 12 planned launches capitalizing on infrastructure projects like the Gemas-Johor Bahru Electrified Double Track and proposed Johor-Singapore economic zones. The region accounted for 44% of Malaysian sales in FY2024, led by Bandar Putra Kulai’s strong performance.
Sustainability remains integral to IOI’s strategy, with FY2024 initiatives including solar installations totaling 4,793 kWp and embodied carbon assessments for future developments. The company is advancing its 2030 sustainability roadmap through biodiversity programs, supply chain engagement, and climate vulnerability studies. As IOI prepares for FY2025, its diversified approach across sectors and regions, combined with careful market timing and sustainability focus, positions the group for continued growth amid evolving economic landscapes.