Singapore's $1.8 Billion One Raffles Place Just Drew Bids From IOI, CapitaLand, And A Father-Son Tycoon Duo

A Singapore office hub with two towers, a retail mall, and lease terms that run for ages just hit the market. Three of Asia's biggest property names are circling.

The Deal And The Buyers

One Raffles Place sits in the heart of Singapore's business district. The hub covers about 65,309 square meters of leasable space.

That is about 703,000 square feet. It was valued at S$2.37 billion at the end of 2025.

OUE REIT owns 81.54% of it. The trust is backed by Indonesia's wealthy Riady family.

United Overseas Bank owns the rest at 18.46% and also has space in the building. The two owners are running the sale process side by side.

The names circling the deal say a lot about who has the buying power in Asian real estate right now.

Malaysian builder IOI Properties is one. The group just locked in a separate S$2.48 billion deal for Singapore's Asia Square Tower 2 in April. Another big Marina Bay asset would deepen its bet.

Singapore's CapitaLand Investment is another. The firm has been selling Singapore offices to fund a mall buy.

One Raffles Place fits its long-term hold plan. Property tycoons Raj Kumar and his son Kishin RK round out the field. The father-son duo is known for going big on landmark Singapore deals.

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The Catch With This Building

The asking price is not the only thing buyers have to weigh. Most of the hub was built in the 1980s.

That means any new owner is likely to spend big on updates. The lease setup is also messy.

One of the two towers has a lease that runs for ages. The other tower and roughly 75% of the retail space have leases that end by the 2080s.

A buyer is signing up for both a trophy office tower and a multi-year asset management project.

What To Watch

Watch the bid timeline. OUE REIT and UOB said in February that they were jointly gauging market interest. Bids are now in motion.

A deal close would mark one of the biggest Singapore office trades in years. For Asian REIT buyers, the price tag matters beyond the building itself.

A clean print near S$2.3 billion props up values across the rest of Singapore's prime office market. A discount would mark the whole sector down.

A Marina Bay landmark is up for grabs.

The deal is also a read on Asia's office mood as a whole. Singapore's prime office rents have stayed firm even as Hong Kong has slid. New York and London have kept slipping too.

Singapore is now the rare global hub where the office market still feels live. A clean sale at full price would back that story up.

A weak sale, or a delay, would crack it. Watch the next 60 days. The winner of this one bid sets the tone for the next round.

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