IOI Properties Singapore appoints Lorraine Shiow as CEO
As Chief Executive Officer of IOI Properties Singapore, Shiow will steer new methods to raise efficiency, grow the firm’s business in the city-state and fortify its credibility as a respected real estate developer in Singapore.
IOI Properties Singapore has already selected Lorraine Shiow as CEO, a newly established role for the company, according to the company in a May 27 announcement. The Singapore entity is part of Bursa Malaysia-listed IOI Properties Group, and Shiow will inform straight to group chief executive officer Lee Yeow Seng.
IOI Properties’ collected purchases in Singapore’s CBD measure up approximately $4.616 billion. The Singapore properties represent 64% of the group’s complete asset portfolio of $10.35 billion, involving Malaysia and China.
Apart From IOI Central Boulevard Towers, the company has 2 various other plans in business district Singapore. One is the upcoming 350-key W Singapore – Marina View high-end resort and 683-unit Marina View Residences.
The other is the redevelopment of Shenton House, which Lee purchased en bloc for $538 million last November. The objective is to redevelop Shenton House into a mixed-use development with Grade-A workplace and deluxe branded serviced residences.
According to the business, approximately 50% of workplace at IOI Central Blvd Towers has already been rented, with support lessees like technology giant Amazon and global brokerage house firm Morgan Stanley. The commercial property is expected to generate an estimated rental revenue of a minimum of $180 million yearly, representing 20% of IOI Properties Group’s profits.
Shiow was formerly CEO of Frasers Property, China, wherein she supervised the group’s non commercial, commercial and logistics business, investments, and company growth. She had actually previously accommodated many other C-Suite roles at Frasers Property, involving COO, executive VP for International Markets, and acting COO for Singapore housing development.
With Shiow making the reins at IOI Singapore, the property group is finishing its biggest project in Singapore– IOI Central Blvd Towers, a multi-billion-dollar commercial project with 1.26 million sq ft of Grade-A workplace around a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B area. The establishment will additionally be directly linked to the Downtown MRT Terminal on the Downtown Line.
