OUE Commercial REIT is looking for buyers for the building, which consists of a 62-storey office tower, a 38-storey block and a six-storey retail podium, offering more than 65,000 square meters of gross leasable area in total, according to Forbes.
One Raffles Place. Photo courtesy of the building’s manager |
The property’s value is estimated at up to SGD2.4 billion (US$1.9 billion), The Business Times reported. OUE REIT holds an effective stake of about 68% in One Raffles Place, valued at SGD1.9 billion as of end-December 2025.
The owners are conducting an exercise to test market interest in the property, the REIT’s manager said in a statement on Friday.
“The manager wishes to advise that there is no assurance that any binding agreement or any transaction will materialize,” it said.
“The manager will determine the appropriate action in due course taking into account the results of the exercise and the best interests of all unitholders of OUE REIT.”
OUE REIT is the Singapore-listed property arm of the Riady family’s OUE Ltd, which is led by Mochtar’s son, Stephen.
The family’s Lippo group, with a net worth of $2.4 billion, has investments spanning real estate, retail, media, healthcare and education.
The move to potentially divest One Raffles Place comes amid buoyant investor appetite for commercial real estate in Singapore.
Investment volumes in hotels, office buildings and retail properties increased 18% to SGD33.9 billion in 2025, the highest level in eight years, supported by lower interest rates in the Lion City, according to CBRE.
“There’s strong institutional investor demand for high quality CBD grade A assets with limited new supply and firm demand,” said Vijay Natarajan, an analyst at RHB Bank in Singapore.
The city-state is also attracting robust capital inflows as the Singapore dollar is viewed as a safe haven currency, he added.
Other landlords are likewise moving to tap investor interest. Last month, Royal Holdings – controlled by property tycoon Raj Kumar and his son Kishin RK – launched the sale of a portfolio of shophouses along Singapore’s Orchard Road shopping belt for SGD250 million.
Nearby, Thai billionaire Charoen Sirivadhanabhakdi’s Frasers Property and fellow owners are seeking buyers for the residential and retail block behind the Centrepoint shopping mall at SGD418 million through a collective sale.
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