IOI Properties in exclusive talks to buy Singapore’s Chijmes, Capitol Kempinski

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

IOI Properties in talks for two assets

IOI Properties Group is in exclusive talks and conducting due diligence to purchase Chijmes and the nearby Capitol Kempinski hotel, CEO Lee Yeow Seng said in an interview.

Chijmes is a retail venue inside a former Catholic convent in its civic district, while Capitol Kempinski is the nearby hotel being considered in the proposed deal.

Lee declined to disclose the value that a final agreement would place on the two assets, citing ongoing negotiations.

Perennial Holdings, a Singapore developer, 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.

The reported marketing price for the hotel and the valuation of Chijmes do not establish what IOI Properties may ultimately pay, as negotiations are still under way.

Lee seeks a bigger foothold

The proposed purchase is part of Lee’s effort to challenge the wealthy clans that dominate Singapore’s property market.

IOI’s debt-fuelled buying spree has already spurred a record year for real estate deals in Singapore, according to the source.

The firm is now courting investors for a new fund, seeking to ease the burden created by its expansion and create room for further growth.

The fundraising effort would support Lee’s broader push to expand in Singapore’s property market while the company remains engaged in negotiations over the two assets.

Source: South China Morning Post