IOI Properties Singapore appoints Lorraine Shiow as CEO
As CEO of IOI Properties Singapore, Shiow will definitely drive brand-new strategies to raise productivity, expand the firm’s business in the city-state and reinforce its reputation as a trusted property developer in Singapore.
With Shiow making the reins at IOI Singapore, the property group is finishing its largest assignment in Singapore– IOI Central Boulevard Towers, a multi-billion-dollar industrial property with 1.26 million sq ft of Grade-An office throughout a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B space. The establishment will definitely also be straight attached to the Downtown MRT Terminal on the Downtown Line.
IOI Properties’ collected purchases in Singapore’s CBD measure up around $4.616 billion. The Singapore possessions make up 64% of the organization’s total asset profile of $10.35 billion, including Malaysia and China.
The other is the redevelopment of Shenton House, which Lee acquired en bloc for $538 million last November. The purpose is to redevelop Shenton House into a mixed-use project with Grade-An office and high-end branded serviced households.
IOI Properties Singapore has already selected Lorraine Shiow as CEO, a new generated situation for the firm, according to the business in a May 27 announcement. The Singapore entity is part of Bursa Malaysia-listed IOI Properties Group, and Shiow will report directly to firm CEO Lee Yeow Seng.
According to the business, about 50% of office at IOI Central Boulevard Towers has already been leased, with support lessees including technology giant Amazon and international brokerage firm Morgan Stanley. The building is expected to generate an approximated rental earnings of at least $180 million yearly, representing 20% of IOI Properties Group’s revenue.
Shiow was in the past chief executive officer of Frasers Property, China, where she oversaw the group’s residence, commercial and logistics business, investments, and company growth. She had previously accommodated other C-Suite roles at Frasers Property, including COO, executive VP for International Markets, and acting COO for Singapore housing growth.
Besides IOI Central Boulevard Towers, the company has 2 other plans in downtown Singapore. One is the upcoming 350-key W Singapore – Marina View deluxe resort and 683-unit Marina View Residences.
