OUE Commercial Trust unveils ambitious plans for underperforming One Raffles Place

It will hike rents and improve occupancy.

OUE Commercial Trust is bent on changing things after acquiring an indirect interest in One Raffles Place.

According to CIMB, OUECT's management is set on improving earnings from the property which currently has a net property income (NPI) yield of under 3.5%.

OUECT is focused on increasing occupancy at One Raffles Place, which currently stands at around 85% compared to the 94.9% average of the Grade A office market.

The trust also wants to raise rental rents going forward. One Raffles Place has a passing rent of $9.5-10 psf per month, which compares unfavourably with the average Grade A office rents of $11.4 psf/month.

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