IOI Properties Singapore appoints Lorraine Shiow as CEO
As Chief Executive Officer of IOI Properties Singapore, Shiow will drive new methods to boost efficiency, develop the firm’s business in the city-state and fortify its credibility as a trusted property developer in Singapore.
Shiow was formerly chief executive officer of Frasers Property, China, where she managed the group’s residential, commercial and logistics business, investments, and service development. She had actually previously accommodated other C-Suite positions at Frasers Property, including COO, executive VP for International Markets, and acting COO for Singapore non commercial development.
Apart From IOI Central Boulevard Towers, the business has 2 other properties in downtown Singapore. One is the upcoming 350-key W Singapore – Marina View high-end resort and 683-unit Marina View Residences.
With Shiow taking the reins at IOI Singapore, the property group is accomplishing its biggest project in Singapore– IOI Central Boulevard Towers, a multi-billion-dollar industrial property with 1.26 million sq ft of Grade-A workplace throughout a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B space. The development will definitely also be straight connected to the Downtown MRT Station on the Downtown Line.
According to the firm, around 50% of office at IOI Central Blvd Towers has already been used, with support tenants including technology giant Amazon and worldwide brokerage company Morgan Stanley. The building is expected to generate an estimated rental earnings of a minimum of $180 million annually, accounting for 20% of IOI Properties Group’s income.
The other is the redevelopment of Shenton House, that Lee bought en bloc for $538 million last November. The purpose is to redevelop Shenton House right into a mixed-use development with Grade-A workplace and luxury branded serviced households.
IOI Properties Singapore has already delegated Lorraine Shiow as CEO, a newly generated role for the firm, according to the firm in a May 27 announcement. The Singapore entity is part of Bursa Malaysia-listed IOI Properties Team, and Shiow will inform specifically to firm chief executive officer Lee Yeow Seng.
IOI Properties’ accumulated acquisitions in Singapore’s CBD total up to approximately $4.616 billion. The Singapore possessions make up 64% of the group’s overall asset profile of $10.35 billion, involving Malaysia and China.
