By Chan Wei Chao (REN 39846), Team Leader, Bricksmen Team · IQI Realty Sdn. Bhd. · Updated 3 November 2026
IOIPG Malaysia REIT, the new real estate investment trust of IOI Properties Group, has launched its initial public offering, with a projected distribution yield of about 6.6% at the retail price of 96 sen a unit. The prospectus was launched on 3 November 2026, applications close at 5pm on 10 November, and the REIT is due to list on the Main Market of Bursa Malaysia on 25 November. One of its nine properties is a Penang hotel: Courtyard by Marriott Penang on Jalan Macalister.
The IPO at a glance
| Item | Details |
|---|---|
| REIT | IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) |
| Sponsor | IOI Properties Group Bhd, which will keep up to 60% of the units |
| Retail price | 96 sen per unit |
| Projected yield | About 6.6% annualised for the financial period ending 30 June 2027, based on the retail price and a 100% payout |
| Distribution policy | At least 90% of distributable income, paid every quarter |
| Units offered | Up to 2.2 billion, expected to raise about RM2.1 billion |
| Units at listing | 5.5 billion; market value about RM5.3 billion at the retail price |
| Applications | 3 November to 5pm on 10 November 2026 |
| Listing | Main Market of Bursa Malaysia, 25 November 2026 |
| Gearing at listing | About 34.1% (debt of RM2.65 billion against total assets of RM7.79 billion) |
Who can apply
The retail offering is 715.61 million units, about 13% of the units in issue:
- 550.61 million units for IOI Properties shareholders, at one REIT unit for every 10 IOIPG shares held at 5pm on 30 October 2026.
- 110 million units for the Malaysian public, half of them reserved for Bumiputera applicants.
- 55 million units for eligible directors, employees and business associates (pink form).
Up to 1.48 billion units go to institutional investors, including 687.5 million for Bumiputera investors approved by the Ministry of Investment, Trade and Industry. Both offerings can be clawed back and reallocated.
What the REIT owns
The initial portfolio is nine freehold properties in Selangor, Kuala Lumpur and Penang, valued at RM7.66 billion as at 31 May 2026.
| Type | Properties |
|---|---|
| Retail | IOI City Mall, Putrajaya: more than 2.5 million sq ft of net lettable area, 97.9% committed occupancy as at 31 May 2026 |
| Hotels (six, 1,920 rooms, Marriott brands) | Putrajaya Marriott Hotel, Le Méridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang |
| Offices | IOI City Towers 1 and 2, and PFCC Towers 1, 2, 4 and 5: about 1.83 million sq ft of net lettable area |
The REIT also has a right of first refusal over IOI Mall Puchong, IOI Mall Damansara, IOI Mall Kulai and Palm Garden Hotel Putrajaya, which could be added later.
The Penang connection
Courtyard by Marriott Penang is a 199-room hotel at 218D Jalan Macalister in George Town, within walking distance of Komtar. Its place in the portfolio means part of the REIT’s income will come from Penang’s tourism and business travel, which is growing: Penang airport handled about 8.31 million passengers in 2025, up 11%.
REIT units or a property? What buyers should know
A REIT lets you own a small share of large commercial properties, such as malls, hotels and offices, with a low entry amount, and you can sell units on Bursa. A residential property you buy yourself works differently: you choose the unit, can live in it or rent it out, and can borrow to buy it, but you also handle tenants, maintenance and the loan.
- Entry amount: REIT units can be bought in small lots; a property needs a down payment, legal fees and a loan.
- Income: REIT distributions depend on the REIT’s earnings and are not guaranteed; rental income from a property depends on your tenant and unit.
- Control: REIT unitholders do not manage the properties; property owners decide how to use, rent or sell their unit.
- Price changes: REIT unit prices move every trading day; property prices move more slowly but are harder to sell quickly.
If you are comparing options, work out a property’s numbers with our mortgage calculator. For homes near Jalan Macalister and central George Town, see Green City Residence on Macalister Road, G’Vinton and Scott @ Logan, or browse the George Town area page.
Frequently asked questions
What is the IOIPG REIT IPO price?
96 sen per unit for retail investors.
What yield does IOIPG REIT offer?
The projected yield is about 6.6% annualised for the financial period ending 30 June 2027, based on the retail price and a full payout. Actual distributions may differ.
When does IOIPG REIT list?
On 25 November 2026, on the Main Market of Bursa Malaysia. Applications close at 5pm on 10 November.
Does IOIPG REIT own any property in Penang?
Yes. Courtyard by Marriott Penang, a 199-room hotel on Jalan Macalister in George Town, is one of its six hotels.
Prefer to own a home in Penang?
I can send the latest price lists for new projects in George Town and across Penang. WhatsApp or call +60 10-313 9113.
Sources
- EdgeProp: IOIPG REIT launches prospectus ahead of listing on Main Market of Bursa on Nov 25
- The Edge Malaysia: IOIPG Malaysia REIT to pay out quarterly dividends, list with assets worth RM7.66b
- The Edge Malaysia: Six financial institutions to underwrite IOIPG Malaysia REIT IPO
- Securities Commission Malaysia: Prospectus exposure, IOIPG Malaysia REIT
- New Straits Times: Courtyard by Marriott Penang
This article is general information based on the prospectus launch and published reports as of 3 November 2026. It is not investment advice or a recommendation to subscribe for or buy REIT units; read the prospectus and consider your own circumstances before investing. Project prices are indicative and depend on availability.