Bursa-listed IOI Properties Group in talks for secondary listing on SGX

IOI Properties Group (IOIPG) is in talks for a secondary listing on the Singapore Exchange (SGX), says CEO Lee Yeow Seng to The Edge Singapore.

In town for a week of meetings along with his appearance at the Forbes Global CEO Conference on Oct 7, Lee says he has met SGX CEO Loh Boon Chye, who is “very open” to the idea. “We have started something on that front,” adds Lee.

IOIPG, listed on the Main Market of Bursa Malaysia since January 2014, has a market capitalisation of some RM18.6 billion as at Oct 8.

All three of IOIPG’s business segments surged in revenue and underlying profit before tax (PBT) in 4QFY2026 ended June 30, with underlying PBT from its property investment segment nearly tripling y-o-y to some RM272.8 million during the quarter. In total, the group’s underlying PBT nearly doubled y-o-y, rising 98% to RM424 million in 4QFY2026.

IOIPG rapidly emerged as one of Singapore’s biggest commercial landlords over the past year — first by completing IOI Central Boulevard Towers, then by buying out City Developments’ share of South Beach Tower, and acquiring Asia Square Tower 2 (AST2) from CapitaLand Integrated Commercial Trust (CICT).

Just last week, IOIPG agreed to acquire Shenton 101, which owns Shenton House, from Lee for a nominal $1. With this, IOIPG now holds close to $12 billion worth of prime Singapore office space.

See also: IOI Properties now agrees to buy Shenton House from group CEO for $1 and settle $217 mil advance

In an interview with The Edge Singapore, Lee says “it’s about time that we actually have more presence in Singapore”. “I think our listing in Singapore would receive a very positive response from the investment market.”

A secondary listing on SGX can be completed very quickly, according to Lee, with many compliance requirements already in place thanks to IOIPG’s Bursa listing. “The Singapore government is very proactive and very business-friendly.”

See also: IOI Properties Group conquers Shenton Way

Fund first, then REIT

According to Lee, IOIPG has appointed DBS Bank and Jefferies as advisers for an upcoming private fund, which will be seeded by assets such as IOI Central Boulevard Towers and the office component of South Beach Tower. AST2, acquired only earlier this year, is “not so mature yet”, adds Lee.

A private fund is “the best way of monetising your assets”, says Lee. “First of all, you don’t have to worry too much about valuation; everything is done very transparently. All you need to do is to hire consultants \[and\] advisers to help you to come up with the framework. Secondly, you need valuers \[and\] lawyers to look at the legal aspects of things, then you are ready to launch within two to three months.”

Even potential investors from the private equity and sovereign wealth funds are easy to come by in Singapore, adds Lee. “In Singapore, you are not short of these kinds of international investors.”

After launching the private fund, exploring a REIT “is a natural progression”, says Lee. “What we want to do is to monetise our assets in Singapore. So, whether you do a private fund or a REIT, it’s actually the same outcome.”

Still, a private fund “gives you more leeway because it’s not so regulated”, notes Lee. “REITs are so highly regulated, and the turnaround time is so much longer; you’ll need at least two to three years before you can actually launch a public REIT. Whereas a private fund takes between three to four months.”

Lee mentions fellow property giant Hongkong Land’s Singapore Central Private Real Estate fund (SCPREF) as an example. Announced in December 2025 and launched in February this year, SCPREF’s initial $8.2 billion portfolio includes Asia Square Tower 1 (AST1), One Raffles Link, a one-third stake in Marina Bay Financial Centre Tower 1 & Tower 2 and Marina Bay Link Mall, and a one-third stake in One Raffles Quay.

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Lee sees parallels between SCPREF and his upcoming private fund. “\[We are\] quite similar in the sense that both of us own prime assets in the downtown area… But the only difference is they own one-third \[of certain assets\], whereas we have full ownership of \[our\] assets.”

The two groups could even join forces. “Definitely, we can work together. I mean, both of us are good friends, and I’ve known Hongkong Land for many years,” says Lee. “Back in 2016, after we won the bid for the IOI Central Boulevard Towers site, they wanted to come in as a partner. In the end, unfortunately, the timing wasn’t right. But we have always been in touch and we have always been trying to see how we can collaborate.”

Already, the two giants are a dominant force in Singapore’s prime Central Business District office market. “Between \[the\] both of us, we probably command a market share of about 70% of Marina Bay’s office space. So definitely, there are a lot of things we can work on together,” says Lee. “For example, AST1 is owned by Hongkong Land now, and AST2 is owned by us, so we are neighbours; in fact, we share the same strata title. So, there are a lot of areas we can actually collaborate on.”

Photo: Albert Chua/The Edge Singapore