Lorraine Shiow Joins IOI Properties Singapore as CEO

IOI Properties Singapore, in a company announcement on May 27, announced that Lorraine Shiow had been appointed CEO. The position was newly created for the firm. Shiow will report to Lee Yeow Seng, the group’s CEO. The Singapore entity is a part of the Bursa listed IOI Properties Group.

Shiow will be the CEO of IOI Properties Singapore. He will develop new strategies that will increase performance and grow the firm’s business within the city-state. Shiow’s reputation as a reliable property developer is also going to be strengthened.

Shiow served as the CEO of Frasers Property China from 2008 to 2010, where she managed the group’s residential, logistics, commercial and investment business. She held several C-Suite posts at Frasers Property before, including executive VP of International Markets (IMM), COO and acting COO Singapore Residential Development.

Shiow, who is taking over at IOI Singapore as CEO, has finished the largest commercial project the group has undertaken in Singapore – IOI Central Boulevard Towers. It is a multibillion-dollar development that includes 1.26m sq ft Grade-A office spaces spread out across a 48-storey building and a 16-storey building, plus 30,000 sq ft for retail and F&B. The building will be linked directly to the Downtown MRT Station along the Downtown Line.

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According to IOI, more than half of the office space at IOI Central Boulevard Towers have already been leased. These tenants include global brokerage firms Morgan Stanley and Amazon. The property should generate a rental income of $180 million annually. This will account for 20% of IOI Properties Group’s revenue.

IOI Central Boulevard Towers is not the only project in Singapore. The first is the 350-key W Singapore Marina View Luxury Hotel and 683-unit Marina View Residencies.

Lee bought Shenton House for $538m in November last year. Shenton House is being redeveloped as a mixed-use project with Grade-A Office Space and Luxury Branded Serviced Residences.

The aggregate amount spent by IOI Properties in Singapore CBD is approximately $4.616 Billion. Singapore assets represent 64%, or $10.35 billion in total assets for the group. This includes Malaysia and China.

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