IOI Properties eyes REIT listings in Malaysia and Singapore, with assets worth $8 billion, sources say

Malaysia’s IOI Properties Group is exploring two real estate investment trust listings in Malaysia and Singapore, with a combined asset value of up to $8 billion, two sources with knowledge of the matter said.The company, one of Malaysia’s largest property developers, is in talks with advisors and wants to list a Malaysian REIT on Bursa Malaysia in 2026 and a Singapore REIT on SGX in 2027, the sources said.

The Malaysian REIT is expected to include domestic assets worth about 7 billion to 8 billion ringgit ($1.7 billion to $1.9 billion), while the Singapore REIT will include assets worth S$7 billion to S$8 billion ($5.4 billion to $6.1 billion), they said.The Singapore REIT may include major properties such as South Beach Tower, South Beach Avenue and IOI Central Boulevard Towers, one of the sources said.

The company has yet to decide on the amount to raise or the final asset mix, said the sources, who declined to be identified as the matter is private.

In an emailed response to Reuters, IOI Properties Group said it is “strategically considering and reviewing various options regarding monetization of our assets and capital management as we strive to ensure the Group’s sustainable growth going forward, particularly in Malaysia and Singapore.” The assessment of potential REITs, especially for Malaysian assets, was part of the 2026 strategic plans aimed at diversification, boosting profits and ensuring long-term stability, it added. The company’s shares rose 1.4% to 2.13 ringgit on Tuesday, better than a 0.4% decline in the domestic benchmark, LSEG data showed.

IOI Properties Group, founded in 1975 by the late Malaysian tycoon Lee Shin Cheng, was listed on Bursa Malaysia in January 2014 following a demerger from IOI Corp in 2013.

The group has grown to total assets of 46.9 billion ringgit by June 2025, the annual report shows.

The Malaysian portfolio includes IOI City Mall in Putrajaya, the country’s largest shopping complex, IOI Mall Damansara and office towers in the Klang Valley.

In Singapore, the group owns IOI Central Boulevard Towers in Marina Bay and recently acquired full ownership of the South Beach mixed-use project for S$835 million ($641.22 million).

Lee’s sons, Lee Yeow Chor and Lee Yeow Seng, who control IOI Properties Group and palm oil giant IOI Corp, have a combined fortune of about $5.2 billion, according to Forbes.

($1=4.1500 ringgit) ($1=1.3031 Singapore dollars) (Reporting by Yantoultra Ngui; Editing by Himani Sarkar and Clarence Fernandez)