IOI Properties Singapore appoints Lorraine Shiow as CEO
IOI Properties Singapore has already selected Lorraine Shiow as chief executive officer, a newly generated role for the firm, according to the firm in a May 27 news. The Singapore entity belongs to Bursa Malaysia-listed IOI Properties Group, and Shiow is going to report specifically to group chief executive officer Lee Yeow Seng.
Shiow was previously chief executive officer of Frasers Property, China, wherein she supervised the group’s non commercial, commercial and logistics service, financial investments, and company progression. She had previously held other C-Suite positions at Frasers Property, consisting of COO, executive VP for International Markets, and acting COO for Singapore housing development.
According to the business, about 50% of office at IOI Central Blvd Towers has already been rented, with anchor tenants such as technology giant Amazon and international broker agent company Morgan Stanley. The property is expected to produce an estimated rental earnings of a minimum of $180 million every year, representing 20% of IOI Properties Group’s profits.
Apart From IOI Central Boulevard Towers, the business has two other projects in downtown Singapore. One is the upcoming 350-key W Singapore – Marina View deluxe resort and 683-unit Marina View Residences.
As CEO of IOI Properties Singapore, Shiow will steer brand-new techniques to raise performance, grow the firm’s service in the city-state and reinforce its reputation as a trustworthy property developer in Singapore.
The other is the redevelopment of Shenton House, which Lee bought en bloc for $538 million last November. The objective is to redevelop Shenton House into a mixed-use property development with Grade-A workplace and deluxe branded serviced residences.
With Shiow getting the reins at IOI Singapore, the property group is accomplishing its biggest venture in Singapore– IOI Central Blvd Towers, a multi-billion-dollar industrial property development with 1.26 million sq ft of Grade-An office space around a 16-storey and 48-storey towers and 30,000 sq ft retail and F&B space. The building will additionally be directly connected to the Downtown MRT Terminal on the Downtown Line.
IOI Properties’ accumulated acquisitions in Singapore’s CBD total up to about $4.616 billion. The Singapore possessions make up 64% of the group’s total asset profile of $10.35 billion, involving Malaysia and China.