Business
OUE REIT Elevates Asset Value and Sustainability at OUE Bayfront
OUE REIT Management Pte. Ltd., as manager (the "Manager") of OUE Real Estate Investment Trust ("OUE REIT"), is pleased to announce that OUE Bayfront has obtained planning approval for the conversion of its Level 17 chiller system area into prime office space. The conversion is expected to be completed by the first half of 2027 and will deliver incremental rental income, further reinforcing OUE Bayfront's long-term value.
About this update from Oue Real Estate Investment Trust
[{"type":"text","content":"Unlocking over 2,100 sq m prime office space","length":44,"tagName":"p","attribs":{}},{"type":"text","content":"SINGAPORE, March 24, 2026 /PRNewswire/ -- OUE REIT Management Pte. Ltd., as manager (the "Manager") of OUE Real Estate Investment Trust ("OUE REIT"), is pleased to announce that OUE Bayfront has obtained planning approval for the conversion of its Level 17 chiller system area into prime office space. The conversion is expected to be completed by the first half of 2027 and will deliver incremental rental income, further reinforcing OUE Bayfront's long-term value.","length":490,"tagName":"p"},{"type":"text","content":"OUE Bayfront commenced works to connect to the District Cooling System ("DCS") in 2025. Once in operation, the DCS will enable OUE Bayfront to significantly reduce energy consumption, improve cooling efficiency, and lower greenhouse gas emissions. This initiative aligns with OUE Bayfront's Net Zero Transition Plan and OUE REIT's ESG Vision 2030 to reduce our Scope 1 and 2 absolute greenhouse gas (GHG) emissions by 40% for our commercial assets by 2030.","length":474,"tagName":"p"},{"type":"text","content":"Beyond environmental benefits, the connection to the DCS also enables OUE Bayfront to decommission its existing chiller system located at Level 17, freeing up an estimated of over 2,100 square metres of gross floor area that can be converted into prime office space. This is expected to generate additional rental income and further strengthen the property's long-term value.","length":379,"tagName":"p"},{"type":"text","content":"Mr Han Khim Siew, Chief Executive Officer and Executive Director of the Manager, said, "At OUE REIT, we view sustainability not only as a moral imperative, but as a strategic and structural imperative that is integral to delivering long-term value creation. Following the OUE Bayfront's upgrade to the BCA Green Mark Platinum certification last year, the conversion of the in-building chiller system area into new prime office space is another testament to how OUE REIT integrates sustainability with value creation. Moving forward, we will continue to identify and implement sustainability-led asset enhancement initiatives that future-proof our portfolio and deliver enduring returns for our stakeholders."","length":722,"tagName":...