These include the city-state’s father-and-son property billionaire duo Raj Kumar and Kishin RK, as well as IOI Properties Group of Malaysia’s billionaire Lee brothers, Bloomberg reported, citing sources with knowledge of the matter.
CapitaLand Investment, an asset manager backed by Singapore state-owned investor Temasek, is also among those interested in buying the office complex, the sources said.
Located at the heart of the central business district, One Raffles Place features a 62-story office tower, a 38-story block and a six-story retail podium, with total gross leasable area exceeding 65,000 square meters. At 280 meters tall, it is among the tallest buildings in the city-state.
The property sits on four land parcels with varying lease terms. One carries an 841-year lease beginning in November 1985 while the other three are on 99-year leases, with two starting in May 1983 and the remaining in November 1985, according to The Business Times.
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One Raffles Place. Photo from One Raffles Place’s website |
The building’s registered owner is OUB Centre with an 81.54% stake. UOB, one of Singapore’s biggest lenders, owns the remaining 18.46%.
OUE REIT, a real estate investment trust backed by Indonesia’s billionaire Riady family, indirectly controls an 83.33% stake in OUB Centre through wholly owned subsidiaries, translating into an effective interest of 67.95% in the complex.
The property is estimated to be worth nearly S$2.4 billion, based on the valuation of the REIT’s stake at the end of last year.
The trust said in a February exchange filing that it is conducting an exercise together with UOB to gauge market interest in the development. A spokesperson said OUE REIT would decide on the appropriate action after reviewing the outcome of the exercise.
IOI Properties is controlled by brothers Lee Yeow Chor and Lee Yeow Seng, who ranked third on Forbes’ Malaysia rich list last month with a combined net worth of US$8.5 billion.
The group has been rapidly growing its footprint in Singapore through a series of acquisitions. It agreed to buy the Asia Square Tower 2 in the Marina Bay area for roughly US$1.95 billion last month.
Kumar and Kishin control a property empire that includes Royal Holdings and RB Capital, overseeing a multibillion-dollar real estate portfolio in Singapore. Last September, they ranked 16th among the city-state’s richest people with a combined fortune of US$3.2 billion.
Singapore has recently seen a surge in office deals, with office investment sales totaling S$10.74 billion in the year through mid-April. This was around 2.7 times the S$4 billion recorded for the whole of 2025, which was a three-year high, according to a report by property consultancy JLL.
Data from the Urban Redevelopment Authority showed that the office vacancy rate across the city-state eased to 10.8% in the first quarter of this year, from 11.1% in the previous quarter. Office prices also rose 0.2% quarter-on-quarter after slipping 0.7% in the preceding quarter.
Consultancy Colliers expects the growth to speed up amid keen investor interest in Singapore office assets, according to EdgeProp Singapore.
Source:e.vnexpress.net
