IOI Properties in exclusive talks for S$979m Singapore hotel and retail assets

IOI Properties Group is in exclusive negotiations to acquire two Singapore commercial properties with a potential combined value of S$979 million ($763 million), IREI reported, citing South China Morning Post. The Malaysia-based developer is conducting due diligence on Chijmes, a retail and dining complex in Singapore's civic district, and the nearby Capitol Kempinski hotel. IOI chief executive Lee Yeow Seng confirmed the negotiations but declined to disclose a potential purchase price, according to the report.

Perennial Holdings has been marketing the Capitol Kempinski hotel for about S$600 million ($468 million), while Chijmes was valued at S$379 million ($295 million) at the end of 2025. Those two figures add up to the S$979 million combined value under negotiation.

The Singapore developer controls approximately one-third of Chijmes and 80 percent of Capitol Singapore, the mixed-use development that includes the hotel, retail space and residential units. That makes its Chijmes holding a minority position, and the S$379 million figure the complex's valuation rather than the value of that stake. IOI remains in exclusivity and due diligence, and the coverage does not say which ownership interests the negotiations cover.