IOI Properties to acquire Shenton 101 for $1

The acquisition is expected to be completed in the fourth quarter of 2026.

IOI Properties Group Berhad (IOIPG) is set to acquire Shenton 101 Pte. Ltd. for $1, whilst assuming approximately $217.06m in outstanding shareholder advances owed to its vendor, Dato’ Lee Yeow Seng.

Dato’ Lee is the group CEO of IOIPG, a major shareholder, and the sole shareholder and director of Shenton 101.

The transaction, announced on 1 October, will give IOIPG ownership of Shenton House at 3 Shenton Way.

The proposed acquisition is expected to be completed in the fourth quarter of 2026, subject to conditions including regulatory and lender approvals.

Shenton 101 acquired the 25-storey commercial property through a collective sale for $538m in June 2024.

The building, completed in the mid-1970s, has about 305,225 sq ft of gross floor area and 218,246 sq ft of net lettable area.

IOIPG plans to redevelop the site into a 35-storey development comprising Grade-A offices, a 165-key luxury hotel, restaurants, a swimming pool, sky terraces, and three car park levels.

The proposed development has an estimated net lettable area of 393,185 sq ft.

Construction is expected to begin in the first half of 2027, with completion targeted for the fourth quarter of 2031.

The redevelopment has an estimated gross development value of $1.61b and estimated redevelopment costs of $973.65m.

Savills Valuation and Professional Services valued the site at $585m as at 15 August 2026, after accounting for the land betterment charge and lease renewal premium.

Shenton House currently operates under a 99-year lease that began on 2 June 1969, leaving about 42 years on the existing term.

The property had an average occupancy rate of 55.7% in FY2025 and a net book value of $545.78m as at 31 December 2025.

The acquisition will add to IOIPG’s cluster of Singapore properties. Shenton House is within walking distance of IOI Central Boulevard Towers and Asia Square Tower 2, both of which are owned by the group.

IOIPG said the location would allow it to consolidate its properties in the Marina Bay area.

The shareholder advances owed to Dato’ Lee are interest-free. IOI said the advances would have resulted in annual interest of about $6.51m if they had carried a hypothetical interest rate of 3%.

The acquisition will be funded using internally generated funds.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia