IOI Properties Group Bhd group chief executive officer Lee Yeow Seng.
PETALING JAYA: IOI Properties Group Bhd
(IOIProp) plans to launch over RM5bil worth of properties in the financial year ending June 30, 2025 (FY25), surpassing FY24’s RM4.49bil of residential, commercial and industrial product launches.
In the FY24 annual report issued yesterday, group chief executive officer Lee Yeow Seng said the property development segment will also witness launches in existing industrial parks.
In addition, there will be an introduction of a new industrial park in Melaka in FY25.
“Apart from residential launches, the group shall also bring to market industrial property at IOI Industrial Park@Banting and IOI Industrial Park@Iskandar Malaysia (formerly known as iSynergy, Senai) as well as the introduction of IOI Industrial Park@Melaka.
“Spread across 322 acres, IOI Industrial Park@Banting is expected to launch some 50 units of cluster, detached, and semi-detached factories.
“IOI Industrial Park@Iskandar Malaysia will increase its acerage to 1,107 acres.”
Lee also expects the upcoming Marina View mixed development in Singapore to contribute significantly to the group’s portfolio in the near future.
“The acquisition of Tropicana Gardens Mall will be finalised and begin contributing to the group’s financial performance as early as the first quarter of 2025,” Lee pointed out.
IOIProp had bought the mall for RM680mil in July 2024.
Lee pointed out that IOI Central Boulevard Towers in Singapore and IOI Business Park in Xiamen, China will begin their initial full-year contributions in FY25.
In FY24, the total net lettable area (NLA) of IOIProp’s four malls stood at 4.34 million sq ft and six offices of 4.43 million sq ft. This brings the total NLA to 8.77 million sq ft.
With the addition of Tropicana Gardens Mall, the total NLA of the group’s malls will stand at 5.39 million sq ft.
Under the hospitality and leisure segment, Lee said the group looks forward to contributions from the acquired 199-room Courtyard By Marriott Penang, which was completed in July 2024.
Additionally, the commencement of the 370-room Sheraton Grand Xiamen Jimei, slated for completion by the second quarter of FY25, will further expand IOIProp’s hospitality portfolio.
The two additions will increase the group’s total rooms to 3,075 rooms of nine hotels in FY25.
This is inclusive of the 634-room JW Marriott Hotel Singapore South Beach.“In Langkawi Island, we intend to develop a branded luxury hotel on our 9.86-acre Pantai Kok land parcel, targeted for completion in 2028.
“Over in Singapore, our 350-room W Singapore – Marina View, scheduled for completion in 2028, marks the arrival of a second W Hotel in Singapore, tapping into the popularity of the W brand among international tourists,” said Lee.
Barring any unforeseen events, Lee said IOIProp remains cautiously optimistic of its performance going into FY25 and beyond.
