Latest news with #IOI
Time of India
2 days ago
- Business
- Time of India
Singapore's City Developments to sell office complex stake for $646 million
BENGALURU: Singapore-listed City Developments Ltd said on Wednesday that it will sell its entire 50.1% stake in one of its office complexes in the city-state to Malaysia's IOI Properties for S$834.2 million ($646.37 million). The South Beach complex in a central business district in Singapore includes retail space, a 34-storey office tower, and a 45-storey building housing a JW Marriott Hotel. Upon completion of the deal, expected by the third quarter of the year, IOI Properties will become the sole owner of the commercial components of the South Beach complex, City Developments said in a statement. The deal valued the complex, in which City Developments and IOI have been joint venture partners since 2011, at S$2.75 billion. "This transaction gives a strong boost to CDL's efforts to accelerate capital recycling so as to reduce gearing and redeploy capital," City Developments' CEO Sherman Kwek said. City Developments, one of Singapore's largest property developers, was embroiled in a boardroom tussle earlier this year when its executive chairman, Kwek Leng Beng, accused his son, Sherman Kwek, the company's CEO, of plotting a boardroom coup. However, in March, the company said the executive chairman dropped the lawsuit against his son while adding that both the father and son will remain in their roles. Shares of City Developments rose around 1.6% in early trade before going on a halt. IOI shares were also halted for trade. The shares are expected to resume trading soon.
Yahoo
2 days ago
- Entertainment
- Yahoo
OO7 First Light Reveals Our New Digital James Bond
Today, during Sony's big State of Play, IO Interactive revealed a new trailer for its upcoming James Bond game, 007 First Light. The big news out of the trailer is the first official reveal of the game's new James Bond, which you can see in the image above. Here's the full trailer straight from State of Play: And here's the game's official description, courtesy of YouTube: In 007 First Light, follow James Bond as a young, resourceful, and sometimes reckless recruit in MI6's training program, and discover an origin story of the world's most famous spy. Coming 2026. Earlier this week, IOI, the studio famously behind the excellent Hitman franchise, finally revealed more about its upcoming Bond game, including its name: First Light. The game is coming to PS5, Xbox, Switch 2, and PC in 2026. According to First Light's website, which was updated earlier this week, IOI's game will feature a 'wholly original Bond origin story' that will let players 'step into the shoes of the world's favorite Secret Agent to earn their 00 status.' And in this new trailer, we got a good look at this new Bond. Personally, while the game looks very exciting and fun, I'm disappointed by how bland and boring the new Bond looks. He looks like the guy you start with in a big RPG character creator, the guy you immediately modify to make them look interesting. It's been a long wait for this game. IOI first announced this new 007 game nearly five years ago, back in November 2020. Now, we know that nearly six years later, 007: First Light will finally be arriving on consoles and PC. Will Agent 47 make a cameo appearance? I hope so. For the latest news, Facebook, Twitter and Instagram.
The Star
2 days ago
- Business
- The Star
IOI to benefit from fresh fruit bunch output recovery
HLIB Research said IOI's FFB output has shown month-on-month and year-on-year recovery since March. PETALING JAYA: IOI Corp Bhd expects its continuing fresh fruit bunch (FFB) output recovery will help it beat its own growth guidance of 1% to 2% in the financial year 2025 (FY25). Given the anticipated strong FFB output in the fourth quarter (4Q25), IOI is confident of keeping its crude palm oil (CPO) production cost at RM2,100 per tonne for the full year, said Hong Leong Investment Bank (HLIB) Research. HLIB Research maintained its own FY25 FFB output growth assumption of 2.5%. It said IOI's FFB output has shown month-on-month and year-on-year (y-o-y) recovery since March with weather conditions improving. The output recovery has helped to narrow the group's year-to-date FFB output decline to just 0.3%, for the first 10 months of FY25. Lower FFB output, minimum wage hike effective February and higher windfall profit levy had lifted IOI's 3Q25 CPO production cost by 1.3% y-o-y to RM2,530 per tonne, bringing its nine-month FY25 CPO production cost to RM2,104 per tonne. It said the accelerated replanting programme of 8,000ha to 9,000ha per annum, embarked since FY19, would continue into FY26. This will bring down its average age profile to about 13 years by end-FY26.
Business Times
3 days ago
- Business
- Business Times
Who is behind Malaysia's IOI Properties Group?
[SINGAPORE] Property developer IOI Properties Group (IOIPG) is poised to grow its Singapore presence with the acquisition of the remaining 50.1 per cent stake in the South Beach development that it does not already own, from its joint venture partner City Developments (CDL). Upon the S$834.2 million acquisition, slated to complete by Q3 2025, IOIPG will gain full ownership of South Beach's commercial components, the group said in a Wednesday (Jun 4) bourse filing. This includes the 34-storey South Beach Tower housing Grade-A office units, the 634-room JW Marriott Hotel Singapore South Beach, and the restaurants and cafes in the complex. The mixed-use integrated development along Beach Road is now owned by both parties via an entity called Scottsdale Properties, which owns South Beach Consortium, which in turn owns South Beach. The acquisition, one of CDL's largest divestments, will expand IOIPG's Singapore investment property portfolio – even as it is already a major player in the city-state's real estate space. IOIPG has developed projects such as the IOI Central Boulevard Towers in the Marina Bay area. Nearby, in the pipeline is W Singapore - Marina View, a 350-room hotel slated to open in late 2028. Branded apartments W Residences - Marina View will be part of the 51-storey mixed-used development. Lee Yeow Seng, IOI's group chief executive officer, said: 'This acquisition will elevate the group's profile as a major landlord of premium office space and a prominent player in the hospitality industry within the Republic.' A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The deal will bring the total net lettable area (NLA) of IOI's Singapore investment assets to 1.8 million square feet (sq ft) and the total NLA of its property investment segment across Malaysia, Singapore and Xiamen, China, to 9.82 million sq ft. IOI's total assets across investment properties, hotel assets and property development assets stood at RM47.93 billion as of Mar, 31, 2025. News of the South Beach sale comes on the heels of CDL's announcement of its plans to divest assets in a bid to cut debt. The Business Times explains who is behind IOIPG, and throws light on its diverse portfolio of property developments in Singapore. What is IOI Group? The group is a Malaysian conglomerate that started off as a palm oil business before venturing into property. Its palm oil business is parked under IOI Corporation, one of Malaysia's largest palm oil companies; its property business is handled by IOIPG, the property arm of IOI Corporation. One of Malaysia's largest property entities by market capitalisation, IOIPG was carved out of IOI Corporation, and separately listed on the Malaysian stock exchange in January 2014. IOIPG has three core business segments: Property development, property investments and hospitality and leisure in the markets of Malaysia, Singapore and Xiamen, China. It has four-decades of experience in property development across residential, commercial and industrial offerings. IOI Corporation is among the 30 largest companies listed on the main board of the Malaysian stock exchange, and a constituent company on the bourse's benchmark index, the FTSE Bursa Malaysia KLCI. Who is IOI's founder, and who runs the business now? The late Malaysian magnate Lee Shin Cheng, who died in 2019, founded IOI Corporation and its property arm IOIPG, which is also listed on Bursa Malaysia. Born in 1939 in Kuala Selangor in the Malaysian state of Selangor, he was raised on a poor rubber plantation. He dropped out of school at 11 and started selling ice cream to support his family. He began working as a supervisor in a rubber estate at the age of 17, and worked his way up to becoming an estate manager before he turned 30. In 1975, he acquired a property company and over the years, developed the business. In 1982, he acquired Industrial Oxygen Incorporated. Renamed as IOI Corporation in 1995, it ventured into the palm oil business. After his death, his sons inherited stakes in IOI Group. Lee Yeow Chor is group managing director and chief executive of IOI Corporation, and Lee Yeow Seng is the group CEO of IOIPG. What other Singapore assets does IOIPG own? Beyond the integrated developments, IOIPG has a portfolio of high-end residential properties in Singapore. These include Seascape and Cape Royale, condominium developments in Sentosa Cove that were developed in partnership with Ho Bee Land. IOIPG also developed The Trilinq, a residential development in Clementi and Cityscape@Farrer Park. Last November, Lee Yeow Seng acquired Shenton House along Singapore's Shenton Way, in his personal capacity, for S$538 million.
New Straits Times
3 days ago
- Business
- New Straits Times
Singapore's City Developments to sell office complex stake for US$646 million
KUALA LUMPUR: Singapore-listed City Developments Ltd said on Wednesday that it will sell its entire 50.1 per cent stake in one of its office complexes in the city-state to Malaysia's IOI Properties for S$834.2 million (US$646.37 million). The South Beach complex in a central business district in Singapore includes retail space, a 34-storey office tower, and a 45-storey building housing a JW Marriott Hotel. Upon completion of the deal, expected by the third quarter of the year, IOI Properties will become the sole owner of the commercial components of the South Beach complex, City Developments said in a statement. The deal valued the complex, in which City Developments and IOI have been joint venture partners since 2011, at S$2.75 billion. "This transaction gives a strong boost to CDL's efforts to accelerate capital recycling so as to reduce gearing and redeploy capital," City Developments' CEO Sherman Kwek said. City Developments, one of Singapore's largest property developers, was embroiled in a boardroom tussle earlier this year when its executive chairman, Kwek Leng Beng, accused his son, Sherman Kwek, the company's CEO, of plotting a boardroom coup. However, in March, the company said the executive chairman dropped the lawsuit against his son while adding that both the father and son will remain in their roles. Shares of City Developments rose around 1.6 per cent in early trade before going on a halt. IOI shares were also halted for trade. The shares are expected to resume trading soon.
