Malaysian property developer Lee Yeow Seng, CEO of IOI Properties Group, has confirmed that his company is currently conducting due diligence for the potential acquisition of two prominent Singaporean assets: the Chijmes retail venue and the Capitol Kempinski hotel. Chijmes is a historic site located within a former Catholic convent in Singapore’s civic district, while the Capitol Kempinski is a luxury hotel nearby.

In a recent interview, Lee described his company’s current strategy as an aggressive effort to increase their footprint in Singapore’s commercial real estate sector. He characterized the move as an attempt to "catch up with the rest," suggesting that IOI Properties is looking to bolster its portfolio in the city-state to remain competitive. While Lee confirmed the ongoing negotiations and the due diligence process, he declined to provide a specific valuation for the potential deal, citing confidentiality and the ongoing nature of the talks.

Market analysts view this move as a significant signal of IOI Properties’ intent to diversify its holdings beyond its traditional Malaysian base. By targeting high-profile, historic, and luxury assets in Singapore, the company is positioning itself as a major player in the regional commercial property market. The outcome of these exclusive talks remains to be seen, as both parties work through the final stages of the agreement.