Malaysian tycoon goes on Singapore property buying spree to ‘catch up with the rest’

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.