IOI Properties Singapore appoints Lorraine Shiow as CEO
As Chief Executive Officer of IOI Properties Singapore, Shiow will certainly drive new strategies to increase performance, develop the firm’s service in the city-state and reinforce its credibility as a trusted residential property developer in Singapore.
According to the company, around 50% of office space at IOI Central Boulevard Towers has already been leased, with anchor tenants such as technology giant Amazon and global broker agent firm Morgan Stanley. The building is anticipated to create an estimated rental revenue of at the very least $180 million annually, making up 20% of IOI Properties Group’s revenue.
IOI Properties Singapore has appointed Lorraine Shiow as CEO, a newly generated situation for the firm, according to the company in a May 27 statement. The Singapore entity is part of Bursa Malaysia-listed IOI Properties Team, and Shiow will inform specifically to group chief executive officer Lee Yeow Seng.
With Shiow making the reins at IOI Singapore, the property group is accomplishing its largest assignment in Singapore– IOI Central Boulevard Towers, a multi-billion-dollar commercial property with 1.26 million sq ft of Grade-An office throughout a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B area. The building will definitely also be directly linked to the Downtown MRT Station on the Downtown Line.
IOI Properties’ accumulated acquisitions in Singapore’s CBD measure up around $4.616 billion. The Singapore properties make up 64% of the group’s overall property portfolio of $10.35 billion, consisting of Malaysia and China.
The other is the redevelopment of Shenton House, in which Lee acquired en bloc for $538 million last November. The purpose is to redevelop Shenton House into a mixed-use project with Grade-An office space and deluxe branded serviced residences.
Apart From IOI Central Blvd Towers, the business has two various other plans in downtown Singapore. One is the upcoming 350-key W Singapore – Marina View deluxe hotel and 683-unit Marina View Residences.
Shiow was previously CEO of Frasers Property, China, where she managed the group’s non commercial, commercial and logistics enterprise, investments, and business development. She had previously held other C-Suite spots at Frasers Property, including COO, executive VP for International Markets, and acting COO for Singapore residential property development.
