Ioi Properties Receives Proposal Ceo Jointly Develop Shenton House Singapore

IOI Properties Group Bhd (KL:IOIPG) has received a proposal from its group chief executive officer cum major shareholder Lee Yeow Seng to participate in the development of Shenton House, a commercial property located in Singapore that his private vehicle has successfully tendered for, for S$538 million (RM1.9 billion). According to a bourse filing, Yeow Seng has proposed that IOIPG acquire all or part of his private vehicle, Shenton 101 Pte Ltd, which is planning to redevelop Shenton House, works for which are scheduled to start at the end of 2025. This is to address and mitigate the potential conflict of interest that will arise due to his role in the redevelopment of Shenton House through Shenton 101, in which he is the sole shareholder. The intention of the proposal is to align the interests of IOIPG with that of Shenton 101, which will hold the redeveloped property as investment upon its successful redevelopment. Lee Yeow Seng, who is also the major shareholder of IOIPG through Vertical Capacity Sdn Bhd, which holds 65.67% in IOIPG, emphasised that Shenton 101 is ready and able to proceed with the development planning of Shenton House and is well on the way to securing funding for the redevelopment. He has extended the proposal to IOIPG to address the potential conflict of interest situation. Shenton 101 was the sole bidder of Shenton House, which is located in Singapore’s central business district. The property covers 3,377 square metres and is designated for commercial use with a gross plot ratio (GPR) of 11.2. It has a 44-year land lease, with the potential to be extended to a fresh 99-year lease. Under the Singapore’s central business district incentive scheme, Shenton House is eligible for a 25% bonus gross floor area, which can be redeveloped into a mixed-use commercial with residential development or a hotel at the GPR of 14. As such, Shenton House is earmarked for redevelopment into a fresh 99-year leasehold commercial development. At the time of the proposal, the existing additional capital commitment is S$476 million, which includes land betterment premium, lease top-up premium, and transaction expenses. Yeow Seng has proposed the purchase consideration be determined based on the actual investment cost incurred by himself and Shenton 101, multiplied by the equity interest in Shenton 101 to be acquired by IOIPG. The proposal is valid for four months and may be extended by another two months. At market close on Tuesday, IOI Properties’ shares dropped four sen or 1.75% to RM2.25.

IOI Properties Group Bhd (KL:IOIPG) has received a proposal from its group chief executive officer cum major shareholder Lee Yeow Seng to participate in the development of Shenton House, a commercial property located in Singapore that his private vehicle has successfully tendered for, for S$538 million (RM1.9 billion). According to a bourse filing, Yeow Seng has proposed that IOIPG acquire all or part of his private vehicle, Shenton 101 Pte Ltd, which is planning to redevelop Shenton House, works for which are scheduled to start at the end of 2025. This is to address and mitigate the potential conflict of interest that will arise due to his role in the redevelopment of Shenton House through Shenton 101, in which he is the sole shareholder. The intention of the proposal is to align the interests of IOIPG with that of Shenton 101, which will hold the redeveloped property as investment upon its successful redevelopment. Lee Yeow Seng, who is also the major shareholder of IOIPG through Vertical Capacity Sdn Bhd, which holds 65.67% in IOIPG, emphasised that Shenton 101 is ready and able to proceed with the development planning of Shenton House and is well on the way to securing funding for the redevelopment. He has extended the proposal to IOIPG to address the potential conflict of interest situation. Shenton 101 was the sole bidder of Shenton House, which is located in Singapore’s central business district. The property covers 3,377 square metres and is designated for commercial use with a gross plot ratio (GPR) of 11.2. It has a 44-year land lease, with the potential to be extended to a fresh 99-year lease. Under the Singapore’s central business district incentive scheme, Shenton House is eligible for a 25% bonus gross floor area, which can be redeveloped into a mixed-use commercial with residential development or a hotel at the GPR of 14. As such, Shenton House is earmarked for redevelopment into a fresh 99-year leasehold commercial development. At the time of the proposal, the existing additional capital commitment is S$476 million, which includes land betterment premium, lease top-up premium, and transaction expenses. Yeow Seng has proposed the purchase consideration be determined based on the actual investment cost incurred by himself and Shenton 101, multiplied by the equity interest in Shenton 101 to be acquired by IOIPG. The proposal is valid for four months and may be extended by another two months. At market close on Tuesday, IOI Properties’ shares dropped four sen or 1.75% to RM2.25.

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