PUTRAJAYA: IOI Properties Group Bhd

(IOIPG) is targeting an early 2027 secondary listing on the Singapore Exchange (SGX), said group chief executive officer Datuk Lee Yeow Seng.

Lee said the group had expanded its presence in Singapore through several smaller projects and joint ventures with local partners, enabling it to gain a deeper understanding of the market.

As we learn the trade and become more familiar with the market, we feel confident about venturing out on our own,” he told reporters at a press conference to launch the prospectus of IOI Properties Group Real Estate Investment Trust (REIT) here today.

On plans to establish a private trust fund in Singapore, Lee said the group had identified two initial assets: South Beach Tower, an office tower, and IOI Central Boulevard Towers.

He said both properties currently enjoyed high occupancy rates, with South Beach Tower recording occupancy of between 98 and 100 per cent.

"The assets generate yields of between four and five per cent, while the proposed private trust fund is expected to offer investors a yield of at least 3.5 per cent, in line with market rates for prime Grade A office space in Singapore," he said.

Lee said the group also expects investors in the fund to enjoy capital appreciation of close to 10 per cent over the next five to seven years.

On the group's potential acquisition of the historic CHIJMES building complex and Capitol Kempinski hotel in Singapore, he said both assets were currently under exclusivity, with details remaining confidential.

"When the time is right, we will make the appropriate announcement,” he said. - Bernama