IOI Properties Group Bhd is in talks about a possible secondary listing on the Singapore Exchange (SGX), chief executive Lee Yeow Seng told The Edge Singapore on Friday, Oct. 9. His comments describe exploratory discussions, not a confirmed listing.
Lee said he had met SGX chief executive Loh Boon Chye, who was “very open” to the idea. “We have started something on that front,” he told the publication. The report gave no timetable, share-issue structure or amount to be raised.
IOIPG has traded on Bursa Malaysia’s Main Market since January 2014. The Edge Singapore put the group’s market capitalisation at RM18.6 billion as of Oct. 8. Bursa Malaysia’s company profile identifies IOI Properties under stock code 5249.
CEO Describes Early-Stage Talks
Lee was in Singapore for a week of meetings and attended the Forbes Global CEO Conference on Oct. 7, according to The Edge. He said he met Loh during the visit and expected a Singapore listing to receive a positive response from investors. That is the CEO’s view, not an exchange commitment.
The Edge report does not describe a filed SGX application, a board-approved timetable or regulatory clearance. A recap published by The Edge Malaysia on Oct. 10 attributes its account to the Singapore interview, so it is a republication rather than independent confirmation.
Separate From Fund and REIT Plans
The same interview covered other plans for IOI Properties’ Singapore assets. Lee said the group had appointed DBS Bank and Jefferies as advisers for a private fund, with assets such as IOI Central Boulevard Towers and the office component of South Beach Tower in view. He described a Singapore REIT as a possible later step and estimated that a public REIT could take two to three years to launch.
Those vehicles are separate from a secondary listing of IOIPG shares. A listing by itself does not specify whether new shares would be issued, existing shares would be made available to Singapore investors, or both. The Edge report set out no such terms, and its discussion of a private fund or possible REIT is not approval for the group’s share listing.
Singapore Expansion Adds Context
IOI Properties has been building its Singapore portfolio. The Edge reported that the group completed IOI Central Boulevard Towers, bought out City Developments’ stake in South Beach Tower and acquired Asia Square Tower 2 from CapitaLand Integrated Commercial Trust. The company’s push for a larger Singapore investor base comes alongside those property moves, though the interview did not say that they would determine the listing decision.
One Raffles Place is a separate, uncertain property matter. The Business Times reported on Oct. 8 that OUE REIT had confirmed exclusive talks with IOI Properties and CapitaLand Investment over a sale of the building. The REIT manager said no binding agreement had been signed and there was no certainty the transaction would proceed. That bid is not evidence of a listing timetable.
What Could a Second Listing Change?
A Singapore venue could put IOIPG shares in front of another pool of investors and increase the group’s visibility in a market where it owns major commercial assets. Those are potential benefits, not guaranteed outcomes. Trading liquidity, valuation and access would depend on the listing structure, the shares available to trade, investor demand and the cost of maintaining a second listing.
For Bursa shareholders, a key unanswered question is whether the plan would bring new capital into the company or broaden access to shares already in issue. The report gives no basis to estimate either effect. The wider home-market backdrop includes the Budget 2027 plan and a Bursa market slide covered earlier by BullBuzz. Those are separate drivers, not evidence of IOI’s decision.
What Should Investors Watch Next?
Further company or exchange disclosures will be needed to establish whether talks progress into a proposal. Investors can watch for:
- A formal announcement or filing, including the timetable and approvals sought from Bursa Malaysia and SGX.
- Whether any shares would be newly issued, transferred by existing shareholders, or made available through both routes.
- The listing venue, trading arrangements, expected costs and any effect on ownership or funding.
- How the discussions fit alongside the separate private fund and possible Singapore REIT plans.
For now, the reported development is that Lee says discussions have started. The structure, schedule and decision to proceed remain open.