# IOI Properties eyes Chijmes, Capitol Kempinski acquisitions in Singapore - **Source:** EdgeProp Singapore - **Published:** 2026-10-15T05:02:03.000Z - **Author:** Halim Yaacob - **Original:** https://www.edgeprop.sg/property-news/ioi-properties-eyes-chijmes-capitol-kempinski-acquisitions-singapore - **Topics:** Commercial & Industrial, Investment & Capital Markets ## Featured rationale The acquisitions and fund structure signal continued confidence in Singapore commercial assets and could finance further expansion while helping IOI Properties reduce its elevated gearing. ## AI summary IOI Properties is in exclusive talks to acquire Chijmes and Capitol Kempinski while planning a private fund initially holding approximately S$6 billion of Singapore offices. ## Original article IOI Properties Group Bhd is in exclusive talks to acquire Singapore’s Chijmes and the nearby Capitol Kempinski hotel, while planning a private property fund initially comprising office assets valued at about S$6 billion, Bloomberg reported. Group CEO Lee Yeow Seng told Bloomberg that due diligence on the potential acquisitions was underway, but declined to disclose the purchase consideration, citing ongoing negotiations. The Capitol Kempinski hotel had been marketed for about S$600 million (about RM1.9 billion), Bloomberg reported, citing people familiar with the matter. Chijmes, a heritage retail and dining complex housed in a former Catholic convent in Singapore's civic district, was valued at S$379 million at end-2025. Read also: IOI Properties to acquire Lee Yeow Seng’s Shenton House vehicle for $1 Neither figure represents an agreed purchase consideration for the potential acquisitions. According to Bloomberg, Singapore-based developer Perennial Holdings controls approximately one-third of Chijmes and 80% of Capitol Singapore, the broader development comprising the hotel, a retail mall and residential units. Other investors include a vehicle backed by an unnamed Southeast Asian sovereign wealth fund. Perennial did not respond to Bloomberg's request for comment. Lee said IOI Properties was in discussions to introduce high-end fashion retailers at Chijmes to improve its tenant mix and rental income, which he said had been constrained by the complex's concentration of food and beverage outlets. The group also wants to introduce an international ultra-luxury hotel brand to replace Kempinski if the hotel acquisition proceeds, according to Lee. Private fund to support expansion The potential acquisitions come as IOI Properties seeks to establish a private real estate investment fund to bring outside investors into its Singapore commercial property portfolio. Lee told Bloomberg that the proposed fund was expected to be established within two months and would initially comprise two office assets with a combined value of approximately S$6 billion. Read also: IOI Properties 3Q profit soars on stronger Singapore contributions, land sale gains These are the office component of South Beach and IOI Central Boulevard Towers, the group's landmark office development in Singapore's central business district. Former Pimco Prime Real Estate executive Varun Singh has been tapped to oversee the proposed fund. Lee said the group had approached prospective investors, including private equity firms, sovereign wealth funds and insurance companies, but declined to identify them. The fund is targeting an internal rate of return of 10% to 11%, with distributions every six months. Under the proposed structure, IOI Properties intends to reduce its ownership interests in the initial assets to approximately 50%, offering minimum investment holdings of about S$500 million with a five- to seven-year lock-up period. The group also intends to inject additional Singapore properties into the fund over time, with a longer-term objective of listing the vehicle as a real estate investment trust (REIT). Gearing in focus amid Singapore expansion IOI Properties' expansion in Singapore has increased its borrowings, with net debt equivalent to approximately 85% of equity as at end-June, according to Bloomberg. Lee said he aimed to reduce the ratio to between 30% and 50% over the next three to five years. The group's Singapore acquisitions include buying City Developments Ltd's stake in South Beach to gain full ownership of the development, and purchasing the Asia Square Tower 2 office building. Read also: CICT sells Asia Square Tower 2 to IOI Properties for $2.5 bil, buys Paragon from Cuscaden Peak for $3.9 bil The group is also pursuing other potential acquisitions in the city-state. IOI Properties has jointly submitted an expression of interest with an investment entity managed by CapitaLand Investment Ltd to acquire a 100% interest in One Raffles Place on a proposed 50:50 basis, according to an Oct 12 report on the group's Bursa Malaysia filing. The prospective buyers are undertaking due diligence and exclusive negotiations with the vendors. OUE REIT, the majority owner of the office complex, said on Oct 8 that no binding sale agreement had been executed. Separately, IOI Properties announced on Oct 1 a conditional agreement to acquire Shenton 101 Pte Ltd, the owner of Shenton House, from Lee, its group chief executive officer and major shareholder, for a nominal consideration of S$1. Under the proposed transaction, the group would also settle S$217.06 million in shareholder advances and consolidate Shenton 101's borrowings of S$376.23 million into its accounts upon completion. Both amounts were stated as at July 31, 2026. ## Chinese translation > Translation model: grok_cli ### IOI Properties有意在新加坡收购Chijmes及Capitol Kempinski IOI Properties集团正进行独家洽谈，拟收购Chijmes及Capitol Kempinski酒店，同时计划设立一只60亿新元的私募房地产基金。 据彭博社报道，IOI Properties Group Bhd正进行独家洽谈，拟收购新加坡的Chijmes及邻近的Capitol Kempinski酒店，同时计划设立一只私募房地产基金，初期纳入价值约60亿新元的办公资产。 集团首席执行官李耀升（Lee Yeow Seng）告诉彭博社，潜在收购的尽职调查正在进行，但以谈判仍在进行为由，拒绝披露购买对价。 彭博社援引知情人士报道，Capitol Kempinski酒店此前的市场推介价约为6亿新元（约19亿令吉）。Chijmes是一座历史遗产零售及餐饮综合体，设于新加坡市政区一座前天主教修道院内，截至2025年底估值为3.79亿新元。 另请阅读：IOI Properties将以1新元收购李耀升（Lee Yeow Seng）的Shenton House载体 这两个数字均不代表潜在收购已议定的购买对价。 据彭博社称，总部位于新加坡的发展商Perennial Holdings控制Chijmes约三分之一权益，以及Capitol Singapore 80%的权益。Capitol Singapore是包含该酒店、一座零售商场和住宅单位的更大开发项目。 其他投资者包括一家由未具名东南亚主权财富基金支持的投资载体。Perennial未回应彭博社的置评请求。 李耀升表示，IOI Properties正洽谈在Chijmes引入高端时尚零售商，以改善其租户组合和租金收入。他说，该综合体餐饮商户较为集中，制约了租金收入。 据李耀升称，若酒店收购得以推进，集团还希望引入一个国际超豪华酒店品牌，以取代凯宾斯基（Kempinski）。 私募基金支持扩张 这些潜在收购正值IOI Properties寻求设立一只私募房地产投资基金之际，以便让外部投资者参与其新加坡商业地产组合。 李耀升告诉彭博社，拟设立的基金预计将在两个月内成立，初期将包括两项办公资产，合计价值约60亿新元。 另请阅读：受新加坡业务贡献增强及土地出售收益推动，IOI Properties第三季利润飙升 这两项资产分别是South Beach的办公部分，以及该集团位于新加坡中央商务区的标志性办公开发项目IOI Central Boulevard Towers。 前Pimco Prime Real Estate高管Varun Singh已获委任，负责监督该拟设基金。 李耀升表示，集团已接触潜在投资者，包括私募股权公司、主权财富基金和保险公司，但拒绝透露其身份。 该基金的目标内部收益率为10%至11%，每六个月进行一次分配。 根据拟议架构，IOI Properties打算将其在初始资产中的所有权权益降至约50%，最低投资持有额约为5亿新元，锁定期为五至七年。 集团还打算逐步向该基金注入更多新加坡物业，长期目标是将该载体上市为房地产投资信托（REIT）。 新加坡扩张之际，负债率备受关注 据彭博社称，IOI Properties在新加坡的扩张增加了其借款，截至6月底，净债务约相当于权益的85%。 李耀升表示，他的目标是在未来三至五年内将该比率降至30%至50%。 集团在新加坡的收购包括购入城市发展有限公司（City Developments Ltd）在South Beach的股权，以取得该开发项目的全部所有权，以及购买亚洲广场2座（Asia Square Tower 2）办公楼。 另请阅读：CICT以25亿新元将亚洲广场2座售予IOI Properties，并以39亿新元从Cuscaden Peak购入Paragon 集团还在这个城市国家寻求其他潜在收购。 根据10月12日一份关于该集团马来西亚交易所（Bursa Malaysia）申报文件的报道，IOI Properties已与凯德投资有限公司（CapitaLand Investment Ltd）管理的一家投资实体联合提交意向书，拟按建议的50:50比例收购莱佛士坊一号（One Raffles Place）100%的权益。 潜在买家正在进行尽职调查，并与卖方进行独家谈判。该办公综合体的大股东OUE REIT于10月8日表示，尚未签署任何具有约束力的出售协议。 另外，IOI Properties于10月1日宣布一项有条件协议，将以1新元的名义对价，向其集团首席执行官兼主要股东李耀升收购Shenton House的所有者Shenton 101 Pte Ltd。 根据拟议交易，集团还将清偿2.1706亿新元的股东垫款，并在完成后把Shenton 101的3.7623亿新元借款并入其账目。这两项金额均按截至2026年7月31日的数字列示。