Malaysian property tycoon Lee Yeow Seng is making waves as one of the most aggressive buyers of commercial real estate in Singapore, and he is not done yet.
His IOI Properties Group is in exclusive talks and due diligence to purchase two property assets – Chijmes, a retail venue inside a former Catholic convent in its civic district, and the nearby Capitol Kempinski hotel, CEO Lee said in an interview. He declined to disclose how much a final agreement will value the two assets at, citing ongoing negotiations.
Singapore developer Perennial Holdings has been trying to sell the Kempinski hotel, which was being marketed for about S$600 million (US$468 million), according to people familiar with the matter. Chijmes was valued at S$379 million at the end of 2025.
IOI’s debt-fuelled buying spree has spurred a record year for real estate deals in Singapore. The firm is now courting investors for a new fund to ease the burden and give room for further expansion, as Lee seeks to challenge the wealthy clans that dominate Singapore’s property market.