IOI Properties Group Berhad (IOIPG) has quietly established itself as one of the largest foreign property owners in Singapore, a feat few Malaysian companies can claim. Best known locally for IOI City Mall and its residential developments, the company has steadily built a real estate empire across the Causeway, with Singapore now accounting for over 60% of its property portfolio by value.
The latest milestone? IOIPG acquired the remaining 50.1% stake in the iconic South Beach development for S$834 million (RM2.75 billion), gaining full ownership of its Grade-A office tower, luxury hotel, and retail components. Analysts expect the acquisition to boost earnings by RM89.5 million in 2026, a near 9% uplift in projected profits.
From a Bicycle Ice Cream Seller to a Billion-Ringgit Vision
Behind this billion-ringgit empire is an inspiring story of entrepreneurship and determination. The late Tan Sri Lee Shin Cheng, founder of the IOI Group, started life selling ice cream at the age of 11 to help support his family. Born into poverty on a rubber estate in Kuala Selangor, he left school early and rose through sheer persistence, becoming a rubber estate manager before he turned 30.
In 1975, Lee ventured into property development, building housing projects near Kuala Lumpur. By 1982, he diversified into the industrial sector with the acquisition of Industrial Oxygen Incorporated, which became known as IOI Corporation. A few years later, he entered the palm oil business, transforming IOI into one of Malaysia’s top conglomerates, spanning both agriculture and real estate.
Known for his hands-on style, he was famously called the “tree whisperer”, often seen inspecting plantation trees himself. That same dedication now lives on in the two sons who inherited his empire.
Two Sons, Two IOI Empires
In 2014, Lee passed leadership of the group to his sons. The plantation business, IOI Corporation, is led by Lee Yeow Chor, while Lee Yeow Seng took over IOI Properties Group. This split allowed each brother to grow their division independently.
Under Yeow Seng’s leadership, IOIPG’s transformation into a regional property powerhouse has taken shape, anchored by strategic investments in Singapore, where land is scarce but demand for premium properties remains strong.
Singapore: IOI’s Strategic Playground
IOIPG’s move into Singapore wasn’t sudden. It started modestly in the 1990s with a commercial building in Bugis, followed by residential developments in Sentosa Cove and Clementi. But the big leap came in 2016, when IOIPG shocked the market by outbidding regional giants for a prime site in Marina Bay. That parcel would become the IOI Central Boulevard Towers, now home to multinational tenants like Amazon and Morgan Stanley, with rental rates hitting the upper end of the market.
The group is now developing W Hotel and W Residences at Marina View, a S$2.5 billion luxury project set to open in 2028, featuring high-end residences priced at up to S$6,000 per square foot. These branded homes are targeted at the ultra-wealthy and are expected to contribute significantly to future revenue.
In late 2024, Lee Yeow Seng personally acquired Shenton House for S$538 million, which is slated for redevelopment into a premium office and serviced residence complex worth S$2 billion. It’s expected to be absorbed into IOIPG’s portfolio in the near future.
IOI Resort City and More: A Different Kind of Growth Back Home
While Singapore has become IOIPG’s international stage, its Malaysian base remains strong. In Putrajaya, the company’s IOI Resort City is a flagship project that includes government offices, residences, hotels, and the largest mall in Malaysia, IOI City Mall, which sees over 30 million visitors annually.
The group has also expanded into hospitality, acquiring W Hotel Kuala Lumpur and Courtyard by Marriott Penang, and investing in a beachfront W Resort in Langkawi. In China, IOIPG is preparing to launch the Sheraton Grand Hotel in Xiamen, complete with a large convention centre and adjacent office-retail space.
A Rare Malaysian Success Story Abroad
What makes IOIPG’s rise remarkable isn’t just its size, but its quiet, calculated approach to growth. At a time when many companies are cautious about venturing overseas, IOIPG has steadily built a robust portfolio of income-generating, high-value assets in one of the world’s most competitive property markets.
Its diversified footprint, from Malaysian townships to Singapore’s CBD gives it both stability and room for expansion. The company is also considering a REIT listing in Singapore, which could unlock further value for shareholders.
From selling ice cream on a bicycle to building an empire that now owns some of Singapore’s most recognisable buildings, the story of Tan Sri Lee Shin Cheng and his sons shows what Malaysian entrepreneurship can achieve when it thinks big, and beyond borders.
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