Malaysian Tycoon Lee Yeow Seng Doubles Down Singapore Bet With $394 Million Office Tower Purchase

Lee Yeow Seng—the CEO and key shareholder of Malaysia’s IOI Properties Group—has agreed to buy Shenton House, one of the oldest buildings in Singapore’s Raffles Place central business district, for S$538 million ($394 million).

Built in the 1970s, Shenton House is among Singapore’s first high rise structures along Shenton Way on the edge of the new Marina Bay downtown. The sale of the property to Shenton 101, a private company owned by Lee, is conditional on the Strata Titles Board’s approval, according to JLL, the sole marketing agent of the property.