Lee Yeow Chor and Lee Yeow Seng among at least 10 Asian billionaires investing over RM20.6 billion to build new hotels across the island state.
Lee Yeow Chor and Lee Yeow Seng, who control both IOI Corp and IOI Properties, are developing a mixed-use hotel cum residential development at Singapore’s Marina Bay financial district.
The Marina View Residences, which has a hotel component, comprises 683 condominium units with a gross development value of RM8.5 billion and is set to be launched for sale during IOI Properties’ current financial year ending June 30, 2024. Separately, IOI Properties also has interests in other assets in the city state. This includes the South Beach Development project, a mixed-use office and hotel complex across Marina Bay that is jointly developed with billionaire Kwek Leng Beng’s City Developments , and Cape Royale, a luxury condominium project built on Sentosa Island in partnership with Singaporean tycoon Chua Thian Poh’s Ho Bee Land.
Forbes said Singapore’s real estate group UOL is already undertaking development activities at the site of the Faber House building on Orchard Road to turn it into a 19-storey hotel with 200 rooms.
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