OUE REIT expands office space with 2,100 sq m Bayfront conversion

The $43m project is expected to deliver over 11% ROI.

OUE Real Estate Investment Trust (OUE REIT) said OUE Bayfront has obtained planning approval to convert its Level 17 chiller system area into office space, with completion expected by the first half of 2027, according to a press release filed with the Singapore Exchange.

The conversion will free up more than 2,100 square metres of gross floor area and is expected to generate additional rental income, the manager said.

The project is estimated to cost up to $43m and is expected to deliver a stabilised return on investment exceeding 11.0%.

OUE REIT said OUE Bayfront began work in 2025 to connect to the District Cooling System (DCS), which will replace the existing chiller system and enable the conversion of the space.

The manager added that the project will be funded through existing loan facilities and is not expected to have a material effect on the net tangible assets or aggregate leverage of OUE REIT and its subsidiaries for the financial year ending 31 December.

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OUE REIT Management Pte. Ltd.

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