EdgeProp, citing a Bloomberg interview, reported on 15 October 2026 that IOI Properties Group is in exclusive talks to acquire Chijmes, the heritage dining and retail complex in the civic district, and the nearby Capitol Kempinski hotel. EdgeProp, citing Bloomberg, said due diligence is underway and the consideration is undisclosed, so nothing has been agreed. The report also pointed out that the figures floated for both the hotel and Chijmes are marketing or valuation references rather than agreed terms.
The Fund Plan Through an Investor's Eyes, With The Golden Mile in Context
The second strand is a private real estate fund. EdgeProp, citing Bloomberg, reported that IOI plans to bring outside investors into its Singapore commercial portfolio, starting with two office assets: the office component of South Beach and IOI Central Boulevard Towers. The fund was described as expected to be set up within two months of the interview, with IOI cutting its ownership in the initial assets to about 50%.
Terms cited by EdgeProp, citing Bloomberg, include a target internal rate of return of 10% to 11%, distributions every six months and a lock-up of five to seven years. More Singapore assets may be injected over time, and the longer-term aim is a REIT listing. IOI approached private equity firms, sovereign wealth funds and insurers, all unnamed in the report.
On Chijmes, EdgeProp, citing Bloomberg, said IOI's chief executive wants to bring high-end fashion retailers into the complex to improve tenant mix and rental income, which have been held back by a concentration of food and beverage outlets. If the hotel deal proceeds, the plan is to bring in an international ultra-luxury hotel brand to replace Kempinski. The report said an existing holder controls about one-third of Chijmes and 80% of Capitol Singapore, that a vehicle backed by a Southeast Asian sovereign wealth fund is among the other investors, and that the holder did not comment.
An Investor's Reading of the IOI Reports, Written for The Golden Mile
From an investor's seat, the report offers observations of structure rather than outcome. Capital is being organised around office assets, with a lock-up and half-yearly distributions defining the holding period. The retail plan centres on tenant mix. EdgeProp also noted that IOI's Singapore expansion has increased its borrowings, which puts gearing in focus. None of these items has been agreed, so they describe intentions as reported on 15 October 2026. For an investor tracking commercial property, the useful detail is the order of events: an acquisition still in due diligence, a fund that would follow it, and a possible listing route only after that, with each step conditional on the one before.
The Golden Mile is a conserved strata commercial building at 800 Beach Road in District 7, gazetted for conservation in 2021. Across 22 storeys it holds 156 strata offices on Levels 3 to 22, 19 strata medical suites on Level 3 and a two-level retail podium. The 99-year leasehold runs from 18 November 2024, Nicoll Highway MRT (CC5) is about a 5-minute walk, and expected vacant possession is 30 September 2029. Registration for the project details and balance units is open, and the location page covers the Beach Road and Kampong Glam surroundings.
Occupiers and investors who want the project details can ask the Sales Concierge through the contact page.
Source: EdgeProp, 15 October 2026.
General information only, not financial or legal advice.
Source: EdgeProp. This article is independent commentary; The Golden Mile is not affiliated with the parties mentioned.
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