A Legacy of Hospitality Excellence Begins 1960s - 1970s
OUE’s original logo
Certificate of Incorporation
Board minutes on 30 Dec 1969 announcing OUE’s successful initial public offering
OUE was incorporated in Singapore on 8 February 1964, the year before Singapore’s independence. The company was established as part of Overseas Union Bank, one of Singapore’s leading financial institutions at the time, which sought to enter the hotel industry. OUE was listed on the then Stock Exchange of Malaysia and Singapore under the Hotel Counter on 29 December 1969.
To drive economic growth for the newly independent nation, Singapore’s leaders embarked on a rapid industrialisation path and developed a strategy to attract foreign investments and boost business and leisure tourism. OUE supported these objectives by providing first-class conference accommodation, luxury hotel rooms and shopping facilities.
Last bucket of concrete being poured during The Mandarin Singapore’s topping-off ceremony on 22 June 1969
The Mandarin Singapore’s neighbour – Orchard Theatre (now Cineleisure Orchard) (Aug 1967)
Construction of the hotel’s first tower (1967)
Construction of the hotel’s first tower (May 1970)
The Mandarin Singapore’s first tower nearing completion (May 1971)
The first of The Mandarin Singapore’s two towers opened in 1971
OUE’s inaugural project was the construction of The Mandarin Singapore hotel (later renamed Mandarin Orchard Singapore) in the heart of Singapore’s prime and buzzing Orchard Road, which began in 1966.
When the first of the hotel’s two towers opened in 1971, it set a record as the tallest hotel in Southeast Asia and the largest hotel in Singapore with 700 rooms, standing out as a landmark of world-class Asian hospitality.
From its resplendent lobby to its elegant lounges that regularly played host to dignitaries and celebrities, The Mandarin Singapore exuded an enchanting blend of glamour and an impeccable quality of service, rooted in “Asian Grace, Warmth and Care” that would be its hallmark throughout the next 50 years.
Transforming Urban Landscapes 1980s – 1990s
The Mandarin Singapore’s second tower was completed in 1981
The Mandarin Singapore’s majestic lobby offered an impressive sense of arrival
Marina Mandarin Singapore, one of the first hotels in the Marina Bay area
One Raffles Place (formerly OUB Centre) originally comprised an office tower and a podium block with six levels of retail space and five levels of offices
One Raffles Place Tower One was opened on 8th August 1988 by then Prime Minister Mr Lee Kuan Yew
With the completion of its second tower in 1981 bringing the hotel’s total room inventory to 1,200 rooms, together with new and expanded conference facilities, The Mandarin Singapore continued to flourish as one of the city’s most luxurious convention hotels. During this period, the government’s ambitious land reclamation project at Marina Bay was well underway, creating an extensive area of prime waterfront land for development. One of the first developments was Marina Square, which opened as the largest shopping mall in Singapore at the time. It was here, as part of the Marina Square complex, that OUE opened the 624-room Marina Mandarin Singapore in 1986. The hotel became known for its majestic 21-storey atrium. Its guestrooms offered unobstructed breathtaking views of the bay area and Raffles Place, Singapore’s central business district (CBD), with its stunning and evolving skylines.
At the same time, in tandem with Singapore emerging as a regional business and financial hub, OUE was beginning to build a strong reputation for developing prominent commercial properties, from Grade-A office towers to prime retail and integrated developments. Among its first commercial landmarks was One Raffles Place Tower One (formerly OUB Centre), which opened in 1986 as the tallest skyscraper in Singapore at the time, located in the heart of Raffles Place.
2000s - 2010sSeizing opportunities to transform iconic buildings and enhance existing assets, OUE went on to develop some of the most recognisable urban landmarks in the CBD and shopping district, cementing its position as one of Singapore’s leading real estate developers.
Lobby of The Mandarin Singapore before transformation into Mandarin Gallery
Mandarin Gallery’s prime retail 152-metre street frontage on Orchard Road
Overseas Union House before transformation into OUE Bayfront
OUE Bayfront with waterfront view of Marina Bay
One Raffles Place before addition of Tower Two
One Raffles Place - integrated development in the heart of Singapore’s financial district
In 2010, Mandarin Gallery opened on Orchard Road, following a S$200 million transformation into a premier retail and lifestyle destination. Situated within four levels of Mandarin Orchard Singapore hotel, the mall brought boutique sophistication to Singapore’s prime shopping haven.
2011 saw the completion of OUE Bayfront, an 18-storey Grade-A office building with stunning views of the Marina Bay area, which was converted from the former Overseas Union House along the historic Collyer Quay waterfront. In addition to the office building, OUE Bayfront comprises OUE Link, an overhead pedestrian link bridge with retail units, and OUE Tower, a conserved tower building with panoramic views of the Marina Bay landscape and housing the island’s only operating revolving restaurant.
One Raffles Place Tower Two was designed by architect Paul Noritaka Tange, the son of the late renowned Kenzo Tange, who had designed Tower One
One Raffles Place - one of the tallest buildings in Singapore
One Raffles Place Shopping Mall before transformation
One Raffles Place comprises two Grade-A office towers and a shopping mall, with a total lettable area of 860,000 sq ft
One Raffles Place Shopping Mall after transformation - modern glass façade with LED lighting features
One Raffles Place Tower Two, the 38-storey sister tower to One Raffles Place Tower One, was completed in 2012. It was designed by architect Paul Noritaka Tange, and was a cutting-edge complement to Tower One, which had been designed decades prior by his father, the late renowned Kenzo Tange.
At the same time, three additional storeys were added to Tower One, bringing it to 62 storeys high. Two new floors were dedicated to restaurants and a rooftop observation deck was included. Aside from the two office towers, One Raffles Place Shopping Mall underwent a major makeover of its six-level retail space and unveiled a modern yet timeless glass façade with LED lighting features in 2014.
Crowne Plaza Changi Airport located at Terminal 3 of Singapore Changi Airport
Construction of Crowne Plaza Changi Airport’s extension built using pioneering Prefabricated Prefinished Volumetric Construction (PPVC) method
Crowne Plaza Changi Airport and its 243-room extension
DBS Towers before transformation into OUE Downtown
OUE Downtown - integrated development with premium offices, Downtown Gallery mall, and hotel
Downtown Gallery features prominent 262-metre-wide retail frontage along Shenton Way
Having earlier acquired the 320-room Crowne Plaza Changi Airport, a hotel directly connected to the airport’s passenger terminals, OUE embarked on building a 10-storey extension on an adjacent plot of land.
The extension was completed in 2016, adding a further 243 rooms to the hotel’s capacity to cater to the strong growth in international arrivals to Singapore. Reflecting OUE’s commitment to excellence, the hotel has won the World’s Best Airport Hotel award by Skytrax eight times (2015-2023).
In 2017, OUE unveiled OUE Downtown, previously two towers of office space with a podium, auditorium and banking hall (formerly DBS Towers), now a vibrant mixed-use development. OUE Downtown redefines the work, live and play experiences with premium offices, a hotel, and a lifestyle shopping mall with a 262-metre-wide retail frontage in the CBD, Downtown Gallery.
Unlocking Value Through REITs 2010s
Successful listing of OUE Hospitality Trust, OUE’s first stapled securities group, in 2013
Launch of OUE Commercial REIT on 27 January 2014
OUE Hospitality Trust and OUE Commercial REIT merged in 2019, creating one of the largest diversified Singapore REITs
Amid a booming real estate investment trust (REIT) market in Singapore, OUE successfully listed OUE Hospitality Trust in 2013, with its initial portfolio comprising Mandarin Orchard Singapore and Mandarin Gallery. In 2014, OUE launched OUE Commercial REIT, with its flagship Singapore property, OUE Bayfront, and Lippo Plaza Shanghai making up its initial portfolio.
The establishment of the two real estate management platforms was an important milestone for OUE, allowing it to unlock value and recycle a portion of the capital of its stabilised assets while establishing recurring fee income from its fund management business. The two REITs were subsequently merged in 2019, creating one of the largest diversified Singapore REITs with seven properties and S$6.9 billion of assets under management, contributing to Singapore’s transformation into a global REIT hub.
Diversifying for Sustainable Growth 2010s
OUE Healthcare
Changshu China Merchants-Lippo Obstetrics & Gynaecology Hospital in Changshu, Jiangsu, China
OUE Healthcare
Shenzhen China Merchants-Lippo Prince Bay Hospital in Shekou, Shenzhen, China
Healthway Medical Corporation
Quality, affordable healthcare at GP and family medicine clinics
First REIT
Mochtar Riady Comprehensive Cancer Centre, Indonesia
First REIT
Siloam Hospitals Lippo Village, Indonesia
First REIT
Hikari Heights Varus Kotoni Nursing Home, Japan
First REIT
Pacific Healthcare Nursing Home II @Bukit Panjang, Singapore
OUE Restaurants
VUE, Singapore
OUE Restaurants
Chatterbox, Singapore & Hong Kong
To capitalise on the tremendous growth in demand for quality and affordable healthcare across the region, OUE expanded into the healthcare sector through the strategic acquisition of OUE Healthcare Limited (formerly International Healthway Corporation Limited) (OUE Healthcare) in 2017, followed by an investment in First REIT, Singapore’s first listed healthcare focused REIT, and the acquisition of First REIT’s manager in 2018.
With a vision of creating a regional healthcare ecosystem anchored on Singapore’s medical best practices, OUE continues to broaden and deepen its healthcare operating expertise across a pan-Asian platform spanning hospitals, nursing homes, medical groups, clinics and medical specialists in Singapore, Japan, Indonesia and China.
OUE also invests in businesses that are complementary to its core activities. In 2019, the company diversified into the F&B business through OUE Restaurants, tapping on the increasing growth of consumption in Singapore and Asia.
A New Chapter 2020s — future
Hilton Singapore Orchard opened in Jan 2023 as the largest Hilton hotel in Asia Pacific
Hilton Singapore Orchard – 16 versatile meeting spaces transformed from a carpark at level 5
Hilton Singapore Orchard – Ginger.Lily lounge & bar, one of the hotel’s expanded F&B offerings
Crowne Plaza Changi Airport – World’s Best Airport Hotel by Skytrax
OUE Bayfront alongside the conserved OUE Tower
In early 2022, Mandarin Orchard Singapore bid farewell to its guests for the last time, closing its doors in preparation for its rebranding to Hilton Singapore Orchard, a fitting culmination to its 50-year legacy. On 1 January 2023, following an extensive refurbishment, Hilton Singapore Orchard opened as the largest Hilton property in Asia Pacific with 1,080 rooms, introducing a new chapter of exceptional hospitality for both international and local guests. In addition, OUE completed the refurbishment of Crowne Plaza Changi Airport in 2023, which added 12 new rooms and suites, expanded the meeting and event facilities, and introduced Allora, a brand-new all-day dining concept.
To fuel its next phase of growth, OUE’s strategy is to focus on (1) developing an asset-right business model to optimise capital productivity, (2) growing its healthcare segment into a regional champion, and (3) adopting prudent capital management to ensure OUE has the financial flexibility to readily seize growth opportunities.
The divestment of 50% of OUE Bayfront to PIMCO Prime Real Estate in 2021 put this strategy into action, allowing OUE REIT to continue ownership of this prime asset, unlock capital to support future growth and, at the same time, create recurring fee income through asset management.
Healthway Medical Corporation
Network of over 100 clinics and medical centres in Singapore
Healthway Medical Corporation
Services include health screening and specialist care
OUE REIT celebrated its 10 years of listing with its refreshed identity at the Singapore Stock Exchange on 30 January 2024
In 2023, OUE Healthcare completed a strategic investment in Healthway Medical Corporation Limited, one of the largest primary and tertiary care providers in Singapore with over 100 clinics and medical centres, a significant step towards OUE’s vision to build a leading regional healthcare platform.
In January 2024, OUE Commercial REIT celebrated its 10th anniversary and rebranded as OUE REIT to better reflect its focus on growth opportunities in the hospitality, office and retail sectors, and its commitment to providing resilient and sustainable return through portfolio diversification.
OUE has completed a remarkable 60 years of transformation, from owning a single hotel asset along Orchard Road to becoming a leading regional real estate and healthcare player with over S$9.3 billion of total assets.
At OUE, we look at things differently, seizing opportunities to transform potential, be it in the way buildings and places are used, viewed and valued, or by enhancing lives and communities with exceptional and enriching experiences. By doing so, we go beyond making incremental improvements; we create value by making significant and profound changes in thinking, processes and outcomes.