Singapore’s real estate landscape is set for a significant shift as Malaysian property giant IOI Properties Group (IOIPG) moves to take full control of the prestigious South Beach development. The company announced plans to acquire the remaining 50.1% stake from joint venture partner City Developments Limited (CDL) for S$834.2 million, a deal expected to close by mid-2025. This strategic purchase will grant IOIPG complete ownership of the mixed-use complex, including its Grade-A offices, luxury hotel, and dining establishments.
The acquisition marks a major expansion for IOIPG in Singapore, where it already holds a strong foothold with projects like the IOI Central Boulevard Towers in Marina Bay. Once finalized, the deal will boost the group’s Singapore investment portfolio to 1.8 million square feet, further cementing its reputation as a key player in the city-state’s commercial and hospitality sectors. IOIPG’s CEO, Lee Yeow Seng, emphasized that the move strengthens the company’s position as a leading landlord of premium office spaces and a major hospitality operator.
For CDL, the sale aligns with its broader strategy to streamline assets and reduce debt. Meanwhile, IOIPG continues to diversify its holdings, which span residential, commercial, and leisure properties across Malaysia, Singapore, and China. The group, originally a palm oil conglomerate, has evolved into one of Malaysia’s largest property developers, with a market capitalization of RM10.5 billion. Despite recent declines in quarterly revenue, IOIPG remains a dominant force in Southeast Asia’s real estate market.
The late Lee Shin Cheng, a self-made tycoon who rose from humble beginnings, founded IOI Group before passing leadership to his sons. Today, the company’s Singapore portfolio includes high-end residential projects like Seascape and Cape Royale in Sentosa Cove, as well as The Trilinq in Clementi. With this latest acquisition, IOIPG reinforces its commitment to growth in Singapore’s competitive property sector, signaling ambitious plans for the future.