Malaysia-based IOI Properties Group is in exclusive negotiations to acquire two commercial real estate assets in Singapore for a potential combined value of S$979 million ($763 million), according to South China Morning Post.
The company is conducting due diligence on Chijmes, a retail and dining complex in Singapore’s civic district, and the nearby Capitol Kempinski hotel. IOI Properties CEO Lee Yeow Seng confirmed the negotiations but declined to disclose a potential purchase price.
Singapore developer Perennial Holdings has been marketing the Capitol Kempinski hotel for approximately S$600 million ($468 million), while Chijmes was valued at S$379 million ($295 million) at the end of 2025. Perennial controls approximately one-third of Chijmes and 80 percent of Capitol Singapore, a mixed-use development that includes the hotel,
