Billionaire Kwek Family’s CDL Sells Stake In Singapore’s South Beach To Malaysia’s IOI Properties
The post Billionaire Kwek Family’s CDL Sells Stake In Singapore’s South Beach To Malaysia’s IOI Properties appeared on BitcoinEthereumNews.com. The South Beach, located in the Singapore central business district, houses the JW Marriott Hotel … More and an office block. Courtesy of IOI Properties City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng and his family—has agreed to sell a majority stake in a mixed used office, hotel and residential complex in the Singapore central business district to its Malaysian partner, IOI Properties. Under the deal, IOI Properties—controlled by controlled by Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng, whose family made their fortune from palm oil—will buy CDL’s 50.1% stake in South Beach in a deal valuing the the property at S$2.75 billion ($2.1 billion), according to a joint statement from the partners. Upon completion of the deal in the third quarter of this year, IOI Properties will fully own the commercial property, comprising the JW Marriott Hotel in a 45-story skyscraper, a 34-story office tower and retail space. The 190-unit South Beach Residences has been fully sold since September 2021. “The acquisition of the 100% equity stake in this landmark development marks a significant strategic expansion for IOI Properties,” Lee Yeow Seng, group CEO of IOI Properties, said in the statement. IOI Properties has been expanding its portfolio in Singapore. It recently opened the IOI Central Boulevard Towers in Marina Bay. Built at a cost of about S$4 billion (including the land cost), the complex comprises a seven-story podium, a 16-story tower and a 48-story skyscraper. Nearby, the company is developing yet another landmark, a W Residences Marina View, comprising a hotel and a residential condominium. With a combined net worth of $5.2 billion, the Lee brothers are among the wealthiest in Malaysia. They are the sons of the late Lee Shin Ying, who built a thriving palm oil and property business until his death…
The post Billionaire Kwek Family’s CDL Sells Stake In Singapore’s South Beach To Malaysia’s IOI Properties appeared on BitcoinEthereumNews.com.
The South Beach, located in the Singapore central business district, houses the JW Marriott Hotel … More and an office block. Courtesy of IOI Properties City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng and his family—has agreed to sell a majority stake in a mixed used office, hotel and residential complex in the Singapore central business district to its Malaysian partner, IOI Properties. Under the deal, IOI Properties—controlled by controlled by Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng, whose family made their fortune from palm oil—will buy CDL’s 50.1% stake in South Beach in a deal valuing the the property at S$2.75 billion ($2.1 billion), according to a joint statement from the partners. Upon completion of the deal in the third quarter of this year, IOI Properties will fully own the commercial property, comprising the JW Marriott Hotel in a 45-story skyscraper, a 34-story office tower and retail space. The 190-unit South Beach Residences has been fully sold since September 2021. “The acquisition of the 100% equity stake in this landmark development marks a significant strategic expansion for IOI Properties,” Lee Yeow Seng, group CEO of IOI Properties, said in the statement. IOI Properties has been expanding its portfolio in Singapore. It recently opened the IOI Central Boulevard Towers in Marina Bay. Built at a cost of about S$4 billion (including the land cost), the complex comprises a seven-story podium, a 16-story tower and a 48-story skyscraper. Nearby, the company is developing yet another landmark, a W Residences Marina View, comprising a hotel and a residential condominium. With a combined net worth of $5.2 billion, the Lee brothers are among the wealthiest in Malaysia. They are the sons of the late Lee Shin Ying, who built a thriving palm oil and property business until his death…
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