# IOI Properties to acquire Lee Yeow Seng’s Shenton House vehicle for $1 - **Source:** EdgeProp Singapore - **Published:** 2026-10-02T10:21:52.000Z - **Author:** EdgeProp Singapore - **Original:** https://www.edgeprop.sg/property-news/ioi-properties-acquire-lee-yeow-sengs-shenton-house-vehicle-1 - **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets ## Featured rationale The acquisition signals renewed developer confidence in prime CBD redevelopment and could add substantial Grade-A office and hotel supply through the planned $1.61 billion project. ## AI summary IOI Properties agreed to acquire the Shenton House holding vehicle for $1, assuming $217.6 million in shareholder advances and consolidating about $376.23 million of borrowings. ## Original article Malaysia-listed IOI Properties Group (IOIPG) has agreed to acquire Shenton 101, the private vehicle owned by its group CEO and major shareholder Datuk Lee Yeow Seng that holds Shenton House, for a nominal $1. Under the conditional agreement announced on Oct 1, IOIPG will also settle about $217.6 million in shareholder advances that Lee had injected into Shenton 101. Upon completion, the company will consolidate Shenton 101’s borrowings of about $376.23 million into its accounts. Both amounts were as at July 31, 2026. The transaction reverses the August 2024 decision, when IOIPG’s non-interested directors rejected an earlier proposal by Lee to sell Shenton 101 to the group, citing its heavy capital commitments at the time. Read also: Offices get pricier to rent and buy in 2Q2026, pipeline supply dwindles Lee had acquired Shenton House in his personal capacity through Shenton 101 for $538 million in a collective sale tender in November 2023. The acquisition was completed in June 2024. IOIPG said Lee had originally proposed transferring the property to the group to avoid a potential conflict of interest. Following the 2024 rejection, IOIPG instead entered into project and property management agreements to manage Shenton House and its redevelopment without holding any economic interest in the property. Why IOI Properties revisited the deal The group said it is revisiting the acquisition at Lee’s request as its “circumstances and strategic position have evolved”. IOI Central Boulevard Towers has since achieved committed occupancy of more than 95% and is self-sustaining in terms of debt servicing. IOIPG has also completed the acquisition of the remaining 50.1% stake in Scottsdale Properties, which owns South Beach Tower, South Beach Avenue and JW Marriott Hotel Singapore South Beach, as well as Asia Square Tower 2. IOIPG said acquiring Shenton 101 would strengthen its presence in the Marina Bay precinct and allow it to benefit from the redevelopment’s potential profits and capital appreciation. Shenton House is within walking distance of IOI Central Boulevard Towers and Asia Square Tower 2. [object Object] Source: EdgeProp Landlens $1.61 bil Shenton House redevelopment The existing 25-storey strata-titled commercial building at 3 Shenton Way sits on a 36,350 sq ft site. It is zoned commercial with a gross plot ratio of 11.2 under the 2019 Master Plan and has a 99-year lease from June 1969, leaving about 42 years remaining. Read also: IOI Properties 3Q profit soars on stronger Singapore contributions, land sale gains Under the CBD Incentive Scheme, the site is eligible for a 25% bonus gross floor area, allowing a maximum gross plot ratio of 14.0 for a commercial and hotel redevelopment. IOIPG plans to redevelop the property into a 35-storey mixed-use development comprising 12 floors of Grade-A offices, a 165-room luxury hotel spanning 10 floors, a retail basement and three carpark levels, along with sky terraces, restaurants and a swimming pool. The redevelopment would increase the property’s net lettable area from 218,246 sq ft to about 393,185 sq ft. The underlying land tenure is expected to be renewed to a fresh 99-year lease, subject to the requisite approvals and payment of a lease renewal premium. Savills valued Shenton House as a redevelopment site at $585 million as at Aug 15, after deducting the land betterment charge and lease renewal premium. The proposed redevelopment has an estimated gross development value of $1.61 billion, with redevelopment costs estimated at $973.65 million. URA granted provisional permission for the redevelopment on June 8, although written permission remains outstanding. Construction is expected to begin in 1H2027 and be completed in 4Q2031, subject to approvals. The acquisition will be funded from IOIPG’s internally generated funds. It does not require approval from non-interested shareholders as its transaction ratio of 3.79% is below the 5% threshold under Bursa Malaysia’s listing rules. Read also: CICT sells Asia Square Tower 2 to IOI Properties for $2.5 bil, buys Paragon from Cuscaden Peak for $3.9 bil Lee and his brother, Datuk Lee Yeow Chor, who is also deemed interested in the transaction, abstained and will continue to abstain from board deliberations and voting on the proposal. Completion, targeted for 4Q2026, remains subject to several conditions, including approval from Bank Negara Malaysia for investment in foreign-currency assets beyond the group’s permissible limit, consent from Shenton 101’s lenders and the Singapore Land Authority, and a waiver of a right of first refusal held by Multi Wealth (Singapore) and its related companies. ## Chinese translation > Translation model: openai_codex_cli ### IOI Properties将以1新元收购Lee Yeow Seng旗下持有Shenton House的公司 IOI Properties收购集团CEO Lee Yeow Seng旗下持有Shenton House的公司，将为一个16.1亿新元的重建项目铺路。 马来西亚上市公司IOI Properties Group（IOIPG）已同意以象征性1新元收购Shenton 101；Shenton 101是其集团CEO兼主要股东拿督Lee Yeow Seng拥有的私人公司，持有Shenton House。 根据10月1日宣布的有条件协议，IOIPG还将偿还Lee此前注入Shenton 101的约2.176亿新元股东垫款。交易完成后，该公司将把Shenton 101约3.7623亿新元的借款并入其账目。上述两个金额均截至2026年7月31日。 这项交易推翻了2024年8月的决定。当时，IOIPG的非利益相关董事拒绝了Lee早前向集团出售Shenton 101的提议，理由是集团当时面临沉重的资本承诺。 另读：2026年第2季办公室租金和售价走高，未来供应减少 Lee于2023年11月通过Shenton 101以个人名义，在一项集体出售招标中以5.38亿新元收购Shenton House。该收购于2024年6月完成。 IOIPG表示，Lee最初提议将该物业转让给集团，是为了避免潜在利益冲突。在2024年遭拒后，IOIPG转而签订项目和物业管理协议，在不持有该物业任何经济权益的情况下，管理Shenton House及其重建项目。 IOI Properties为何重新审视这项交易 集团表示，应Lee的要求重新审视这项收购，因为其“情况和战略地位已发生变化”。 IOI Central Boulevard Towers此后已取得超过95%的承诺入住率，并在偿债方面实现自给自足。IOIPG也已完成收购Scottsdale Properties剩余50.1%股权；Scottsdale Properties拥有South Beach Tower、South Beach Avenue和JW Marriott Hotel Singapore South Beach，以及Asia Square Tower 2。 IOIPG表示，收购Shenton 101将强化其在滨海湾区域的布局，并使其能够受益于该重建项目的潜在利润和资本增值。Shenton House距离IOI Central Boulevard Towers和Asia Square Tower 2均在步行范围内。 [object Object] 来源：EdgeProp Landlens 16.1亿新元Shenton House重建项目 位于3 Shenton Way的现有25层分层地契商业大楼，坐落在一幅36,350平方英尺的地块上。根据2019年总体规划，该地块划为商业用途，总地积比率为11.2，并拥有自1969年6月起计的99年地契，剩余约42年。 另读：IOI Properties第3季利润因新加坡贡献增强和土地出售收益而飙升 根据中央商业区激励计划，该地块有资格获得25%的额外总楼面面积，允许商业和酒店重建项目的最高总地积比率达到14.0。 IOIPG计划将该物业重建为一座35层综合用途发展项目，包括12层甲级办公室、横跨10层的165间客房豪华酒店、一个零售地下层和三层停车场，以及空中露台、餐厅和游泳池。 重建将使该物业的净可出租面积从218,246平方英尺增加至约393,185平方英尺。相关土地年限预计将更新为新的99年地契，但须取得必要批准并支付地契续期溢价。 Savills对Shenton House作为重建地块的估值为5.85亿新元，截至8月15日，该估值已扣除土地增值税和地契续期溢价。拟议重建项目的估计总发展价值为16.1亿新元，重建成本估计为9.7365亿新元。 市区重建局（URA）已于6月8日就该重建项目授予临时许可，不过书面许可仍未取得。工程预计将于2027年上半年开始，并于2031年第4季完成，但须获得相关批准。 该收购将由IOIPG的内部生成资金提供资金。由于其交易比率为3.79%，低于马来西亚交易所上市规则规定的5%门槛，因此无需非利益相关股东批准。 另读：CICT以25亿新元向IOI Properties出售Asia Square Tower 2，并以39亿新元从Cuscaden Peak收购Paragon Lee及其兄长拿督Lee Yeow Chor被视为同样在该交易中拥有利益，二人已回避并将继续回避董事会对该提案的审议和投票。 交易目标在2026年第4季完成，但仍须满足若干条件，包括获得马来西亚国家银行批准集团投资超过其允许限额的外币资产、取得Shenton 101贷款方和新加坡土地管理局的同意，以及Multi Wealth (Singapore)及其相关公司放弃优先购买权。