PUTRAJAYA: IOI Properties Group Bhd is targeting early 2027 for a potential secondary listing on the Singapore Exchange (SGX), said its group chief executive officer Datuk Lee Yeow Seng.
This follows the group’s clarification on Oct 13 that it was still evaluating potential capital market initiatives, including a secondary listing on SGX.
“The secondary listing can take place as soon as next year. So, we are targeting the early part of next year,” he said briefly during a press conference in conjunction with the launch of IOIPG Malaysia Reit’s listing prospectus.
Lee said the group has steadily expanded its presence in Singapore since entering the market more than 30 years ago through small-scale projects and joint ventures with local partners.
He said IOI Properties’ later gained greater confidence to undertake developments independently as it built its experience and understanding of the Singapore property market.
Its first major integrated development was South Beach, undertaken through a joint venture with City Developments Ltd.
The group later developed IOI Central Boulevard Towers, a wholly owned project on land acquired through Singapore’s Government Land Sales programme in 2016.
“The building was completed last year and currently is enjoying a committed occupancy of 98 per cent,” he said.
He said IOI Properties is exploring further expansion opportunities in Singapore.
This includes its recently announced joint venture involving One Raffles Place, a landmark commercial property in the city-state’s downtown area.
The proposed development will be undertaken in partnership with a CapitaLand-linked real estate investment trust.
“That will be the next joint venture that we will be undertaking in Singapore,” he said.