A visualisation of the 100-acre IOI Rio City masterplan which brings the 15-minute city concept to Bandar Puteri Puchong.
Industrial expansion, diverse residential launches and commercial footholds are set to drive momentum forward for IOI Properties Group
IOI Properties Group Bhd (IOIPG) is on a strong growth trajectory with the introduction of its IOI Industrial Park series and its residential and commercial portfolio expansion. Already a market leader in its home country, IOIPG is establishing solid commercial footholds in key markets like Singapore and the People's Republic of China. As of June 30, 2024, the company has launched properties worth RM4.49bil.
Milestones reached in 2024
The year 2024 has been an expansionary year for IOIPG as the group acquired three assets, namely Tropicana Gardens Mall and the W Kuala Lumpur and Courtyard by Marriott Penang hotels, for a total consideration of RM1.12bil. The acquisition of the retail mall and hotels is appealing, as the assets are fairly new and comprise strategic additions to the group’s investment property and hospitality businesses.
The acquisition of assets such as W Kuala Lumpur represents strategic additions to the group's investment property and hospitality businesses.
These assets provide ready recurring income streams and also allow IOIPG to have a presence in locations outside the group’s existing operations. Following the acquisitions, the property investment segment’s retail net lettable area (NLA) will grow from 4.58 million sq ft to 5.68 million sq ft, while total hotel rooms under the group’s management will increase from 2,356 rooms to 2,705 rooms.
In Singapore, the office market remains resilient, with strong market sentiment benefitting the newly completed IOI Central Boulevard Towers. These developments pave the way for the group to be one of the market's largest property investment and hospitality players.
On the property development front, IOIPG made significant strides through market-driven residential launches. These included the groundbreaking of Senna Puteri in Salak Tinggi, a 117-acre township set among lush green hills. Its first residential offering, Aurelia, features 386 units of hilltop townhouses nestled within a 17.8-acre gated and guarded enclave.
An artist’s impression of Senna Puteri, IOIPG’s new 117-acre township set amidst Salak Tinggi’s sunny green hillscapes.
IOIPG launched Arena Residences 2 in Warisan Puteri Sepang, featuring 344 serviced apartments near the Arena Xchange commercial hub. In Bandar Puteri Bangi, they introduced Arawani, offering high-end semi-detached and bungalow homes, along with Caladia, which includes 762 partially furnished serviced apartments for small families.
In Puchong South, IOIPG launched three projects in 16 Sierra, including double-storey terrace homes and urban townhouses, plus the COVO serviced apartments just 100m from the 16 Sierra MRT station.
Additionally, IOIPG is revitalising Bandar Puteri Puchong with the 100-acre IOI Rio City masterplan, featuring a mix of serviced apartments, commercial and office spaces, with the potential add-on of educational and medical facilities over the next 12 years.
One of the catalysts coming up in IOI Rio City is IOI Mall Rio. This new retail landmark will feature nearly one million sq ft of NLA, with over 300 retail outlets and a diverse tenant mix from various sectors, including food and beverage, lifestyle, fashion, IT, convenience and entertainment. To kickstart the masterplan, IOIPG launched its first residential phase, 2Rio Residence, featuring 632 serviced apartment units, to good take-up.
In Johor, IOIPG continues to expand its presence and launched several successful new landed developments, including Piccola 3A, Marvela 2 and 3 and Veena in Bandar Putra Kulai, as well as Jelita in Bandar IOI Segamat. New residential projects and SOHO products are in the pipeline to cater for encouraging market demand.
New growth vistas with IOI Industrial Parks
IOIPG introduced the IOI Industrial Park series in September 2024, with the goal of achieving a 20% annual revenue contribution for property development, setting the stage for a new growth horizon for the group.
The developer is rebranding its iSynergy industrial hub in Kulai to IOI Industrial Park @ Iskandar Malaysia, expanding from 507 acres to 1,100 acres. Located just 5km from Senai International Airport and near key expressways, it offers great connectivity to ports like Tanjung Pelepas, Pasir Gudang and Tanjung Langsat.
Adjacent to Bandar Putra Kulai, the park benefits from strong infrastructure, public facilities and a ready workforce. The Kulai Fast Lane (KFL) initiative will streamline the approval process, saving about 10 months for businesses.
The multibillion-ringgit park has multiple phases, with Phase 1 fully sold and Phase 2, spanning 200 acres and a projected gross development value (GDV) of RM800mil, recently opened for sale. It has attracted strong interest from local and international companies and is expected to boost group earnings in the coming years.
The IOI Industrial Park series kicked off with the ongoing expansion of IOI Industrial Park @ Iskandar Malaysia from 507 acres to 1,100 acres.
IOIPG is expanding its industrial offerings in the Central Region with IOI Industrial Park @ Banting, covering 322 acres. The first phase will span 70 acres and feature 53 factory units with a launch planned for Q2 2025.
Strategically located between Port Klang and KLIA, the park is just 7km from the Banting West Coast Expressway Interchange and has direct access to seven highways. Equipped with two high-capacity power cables (275kv each), it ensures easy access to power, water and gas supplies, ideal for high-power users like data centres.
Additionally, IOI Industrial Park @ Melaka is in the planning stages, set to offer 200 acres in its first phase near the Ayer Keroh toll.
Looking ahead to 2025
As IOIPG approaches 2025, the company plans strategically timed market launches with a projected GDV of RM5bil. This includes five residential and commercial projects in the Central Region and 12 launches in the Southern Region, featuring developments like IOI Industrial Park @ Banting and W Residences – Marina View in Singapore. These projects will add over 1,700 residential and commercial units to the market.
In Singapore, the occupancy of IOI Central Boulevard Towers improved to 68% and the group expects it to significantly contribute in 2025. Meanwhile, IOI Mall Rio is anticipated to be a retail catalyst for IOI Rio City in Bandar Puteri Puchong, enhancing the group’s long-term prospects.
Through these diverse initiatives, IOIPG is committed to creating vibrant and sustainable communities and developments that align with its Trusted vision across Malaysia and the region.
Stay ahead of the crowd and enjoy fresh insights on real estate, property development and lifestyle trends when you subscribe to our newsletter and follow us on social media.
