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IOI Properties Group is moving ahead with plans to list two separate REITs in Malaysia and Singapore, supported by assets worth up to USD 8 billion. The Malaysian REIT, planned for 2026, is expected to feature domestic properties valued at around INR 7 billion to INR 8 billion, while the Singapore REIT, targeted for 2027, may include major developments such as South Beach and IOI Central Boulevard Towers. The company has begun discussions with advisers and is reviewing asset monetisation options as part of its strategy to strengthen growth and improve long-term stability across core markets.
IOI Properties Group is progressing with plans to launch two REITs in Malaysia and Singapore, with both trusts together backed by assets estimated to be worth up to USD 8 billion, according to two people familiar with the developments. The company has been speaking with advisers as it shapes a plan to introduce a Malaysia REIT on Bursa Malaysia in 2026, followed by a Singapore REIT on SGX in 2027. Advertisement
The proposed Malaysian REIT is expected to include domestic assets valued between INR 7 billion and INR 8 billion, equivalent to roughly USD 1.7 billion to USD 1.9 billion. Meanwhile, the Singapore REIT is likely to hold assets worth SGD 7 billion to SGD 8 billion, translating to USD 5.4 billion to USD 6.1 billion. One source noted that the Singapore trust may feature prominent assets such as South Beach Tower, South Beach Avenue and IOI Central Boulevard Towers.
The company has not finalised the capital it intends to raise or the exact mix of assets to be included in each REIT, as discussions remain confidential. In a written response shared with Reuters, IOI Properties stated that it was evaluating a range of options for asset monetisation and capital management to support sustained growth across both Malaysia and Singapore. The firm added that the assessment of potential REITs, particularly for Malaysian assets, formed part of its strategic roadmap for 2026 aimed at diversification, stronger earnings and long-term stability.
Shares of IOI Properties saw a small rise of 1.4% to INR 2.13 during the week, outperforming a slight decline in the domestic market index, based on LSEG figures.
The group, founded in 1975 by the late Lee Shin Cheng, has been a major property developer in Malaysia for decades. It was listed on Bursa Malaysia in early 2014 following its demerger from IOI Corp in 2013. Over the years, IOI Properties has expanded steadily and reported total assets of INR 46.9 billion as of June 2025, according to its latest annual report.
Its holdings in Malaysia include IOI City Mall in Putrajaya currently the country's largest shopping mall along with IOI Mall Damansara and several office towers in the Klang Valley region. In Singapore, the company owns IOI Central Boulevard Towers in Marina Bay and recently acquired complete ownership of the South Beach mixed-use development for SGD 835 million, equal to about USD 641.22 million.
The group remains under the control of Lee Shin Cheng's sons, Lee Yeow Chor and Lee Yeow Seng, who also oversee IOI Corp. Their combined net worth is estimated at around USD 5.2 billion, based on figures published by Forbes.
Source Reuters
5th Jun, 2025
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