๐๐ง๐ญ๐๐ ๐ซ๐๐ญ๐ข๐ง๐ ๐ฌ๐ฎ๐ฌ๐ญ๐๐ข๐ง๐๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐ข๐ง๐ญ๐จ ๐ฅ๐จ๐ง๐ -๐ญ๐๐ซ๐ฆ ๐ฏ๐๐ฅ๐ฎ๐ ๐๐ซ๐๐๐ญ๐ข๐จ๐ง ๐๐ญ ๐๐๐ ๐๐๐ฒ๐๐ซ๐จ๐ง๐ญ
We are pleased to share that OUE Bayfront has obtained planning approval to unlock over 2,100 square metres of prime office space at Level 17 that can be converted into prime office space. This is expected to generate additional rental income and further strengthen OUE Bayfrontโs long-term value.
This conversion is made possible by OUE Bayfrontโs ongoing works to connect to the District Cooling System (DCS), which enables the decommissioning of its existing chiller system located at Level 17.
Once in operation, the DCS will also enable OUE Bayfront to significantly reduce energy consumption, improve cooling efficiency, and lower greenhouse gas emissions. This initiative aligns with OUE Bayfrontโs Net Zero Transition Plan and OUE REITโs ESG Vision 2030 to reduce our Scope 1 and 2 absolute greenhouse gas (GHG) emissions by 40% for our commercial assets by 2030.
Key highlights:
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Over 2,100 square metres unlocked for prime office space
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Expected completion: First half of 2027
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Estimated capex: Up to ~S$43.0 million
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Expected stabilised ROI: >11.0%
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Funding: Via existing loan facilities; no material impact expected on net tangible assets or aggregate leverage for the financial year ending 31 December 2026
Mr Han Khim Siew, Chief Executive Officer and Executive Director of the Manager, said, โAt 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 Bayfrontโs 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.โ
๐ Read more here: https://lnkd.in/gEBQa7df
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