IOI Properties Group Bhd (IOIPG) has proposed to acquire Shenton 101 Pte Ltd, the owner of Shenton House in Singapore, from its group chief executive officer and major shareholder Dato’ Lee Yeow Seng, in a transaction with an illustrative aggregate value of about S$217.06 million (RM696.43 million).
IOIPG said its wholly owned subsidiary Boulevard View Pte Ltd entered into a conditional share sale and purchase agreement on Oct 1 to acquire the entire issued share capital of Shenton 101 for a nominal S$1 (RM3.21).
In addition, Boulevard View will settle all outstanding shareholder advances owed by Shenton 101 to Lee as at the completion date.
Based on shareholder advances of approximately S$217.06 million as at July 31, 2026, the aggregate transaction value would have been about S$217.06 million, or RM696.43 million, had completion taken place on that date.
The actual amount of shareholder advances to be repaid will be determined at completion.
The proposed deal marks a reversal of IOIPG’s earlier decision in August 2024 not to proceed with Lee’s proposal for the group to acquire Shenton 101.
At the time, the non-interested directors cited the group’s significant capital commitments arising from acquisitions including W Kuala Lumpur, Courtyard by Marriott Penang, land in Langkawi and Tropicana Gardens Mall, as well as its Singapore developments.
IOIPG said its circumstances have since changed substantially.
The acquisition would give the group full ownership and control, allowing it to benefit from future profits and potential capital appreciation following redevelopment.
IOIPG said the proposed redevelopment is expected to include office space with floor plates of about 19,000 sq ft, complementing the approximately 30,000 sq ft floor plates available at Asia Square Tower 2.
A proposed hotel component is also expected to complement the development’s office and retail offerings, potentially increasing visitor traffic and strengthening amenities within the project.
