OUE

What OUE does

OUE Limited is a Singapore-headquartered diversified real estate and healthcare group incorporated in 1964 and listed on the SGX under ticker LJ3, with S$8.4 billion in total assets and S$7.3 billion in funds under management as at 31 December 2025. The group operates across three reporting segments: real estate (investment properties and fund management, hospitality, and development properties), healthcare (hospitals, medical centres, clinics, and senior care facilities across Singapore, Japan, Indonesia, and China), and others (restaurants). Core real estate assets include OUE Bayfront, OUE Downtown, One Raffles Place, Mandarin Gallery, Downtown Gallery, and the Salesforce Tower in Sydney, complemented by hospitality flagships Hilton Singapore Orchard (1,080 rooms, the largest Hilton in Asia Pacific) and Crowne Plaza Changi Airport (575 rooms, Skytrax World's Best Airport Hotel for 11 consecutive years).

The group monetises its portfolio through multiple recurring revenue streams: commercial and retail rental income from Grade-A office and prime Orchard Road/CBD assets, hotel revenue from master lease and management agreements with Hilton and IHG, healthcare service revenue from 130+ Healthway Medical clinics plus 6,305 hospital and nursing home beds, fund management fees from managing OUE REIT (S$6.1 billion in assets) and a 60% interest in First REIT Management (S$1.02 billion in healthcare REIT assets), and F&B revenue from a restaurant portfolio anchored at its own properties. Distribution is primarily direct B2B for commercial leasing and branded hospitality channels for hotels, with healthcare delivered through owned clinics across four Asian markets.

Ownership is concentrated under the Riady family: Dr Stephen Riady serves as Executive Chairman and Group CEO since 2010 (with CEO role added January 2020), and Mr Brian Riady serves as Deputy CEO and Executive Director. The 2025 strategic agenda includes portfolio reshaping via the S$500 million Crowne Plaza Changi Airport divestment to a Tokyo Century-OUE joint venture, S$150 million green notes issuance, and the planned 2028 opening of Hotel Indigo Changi Airport. A 29.07% stake in Gemdale Properties and Investment Corporation provides China exposure but is currently a drag, contributing to the S$314.7 million H2 FY2025 loss widening of 65% YoY.

Name

OUE

Legal name

OUE Limited

Website

http://oue.com.sg/

Company type

Public

Founded year

1964

Operating status

Operating

Headcount range

1–10 employees

Short description

OUE Limited is a Singapore-listed real estate and healthcare group operating prime CBD and Orchard Road office, retail, and hospitality assets in Singapore, with healthcare facilities across Asia and a S$6.1 billion REIT platform. Founded in 1964, it serves multinational corporate tenants, hotel guests through Hilton and IHG master leases, and patients across hospitals, clinics, and senior care facilities.

Ownership category

akta.pro rank

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Property Rental Income: Rental income from Grade-A office buildings (OUE Bayfront, OUE Downtown, One Raffles Place) and retail malls (Downtown Gallery, Mandarin Gallery, One Raffles Place Shopping Mall) with approximately 2.4 million square feet of prime office and retail space.
2. Hospitality Revenue: Hotel room revenue from Hilton Singapore Orchard (1,080 rooms, largest Hilton in Asia Pacific) and Crowne Plaza Changi Airport (575 rooms), operated through master lease and management arrangements with international operators.
3. Healthcare Services: Revenue from hospitals, medical centres, clinics, and senior care facilities operated across Singapore, Japan, Indonesia, and China. Includes First REIT portfolio of 31 properties with S$1.02 billion asset value and Healthway Medical's 130+ clinics.
4. Fund Management Fees: Recurring fee income from OUE REIT Management Pte. Ltd. managing OUE REIT with S$6.1 billion in total assets, including asset management fees, property management fees, and trustee fees.
5. F&B Operations: Revenue from OUE Restaurants portfolio including VUE, HighHouse, NOVA, Osteria Mozza, Chatterbox, Shisen Hanten by Chen Kentaro, and other dining concepts in Singapore.
6. Property Divestments: Capital recycling through strategic property divestments including the S$500 million sale of Crowne Plaza Changi Airport to Tokyo Century-OUE Ltd joint venture, with S$20 million in special payouts to unitholders.
7. Green Notes Issuance: OUE Treasury issued S$150 million of 3.25% green notes due 2033 under the company's Green Finance Framework to fund eligible green projects.

Pricing tiers

Go-to-market motion4 records

Distribution channels13 records

Marketing channels8 records

Core offering

OUE Limited is a diversified real estate owner, developer, and operator generating revenue from Grade-A commercial offices, prime retail malls, upper-upscale hotels, and luxury residential developments primarily in Singapore, with healthcare operations across Asia. It also manages OUE REIT (S$6.1 billion total assets) and First REIT (S$1.02 billion healthcare real estate) and operates OUE Restaurants as a complementary F&B business.

Product overview

OUE Limited is a leading real estate and healthcare group operating a diversified portfolio of commercial, hospitality, retail, and residential properties primarily in Singapore, with expansion into Japan, Indonesia, and China. The company operates through three main segments: Real Estate (investment properties & fund management, hospitality, development properties), Healthcare (hospitals, medical centres, clinics, senior care facilities), and Others (restaurants). Key products include OUE REIT (S$6.1 billion diversified Singapore REIT), flagship properties (OUE Bayfront, OUE Downtown, One Raffles Place, Mandarin Gallery, Downtown Gallery), hospitality assets (Hilton Singapore Orchard, Crowne Plaza Changi Airport, Hotel Indigo Changi Airport under development), and healthcare operations (OUE Healthcare, First REIT, Healthway Medical Corporation, O2 Healthcare Group). The company also operates OUE Restaurants featuring multiple dining concepts across Singapore.

Differentiator

Problem solved

Functional benefit

Brands

• OUE Bayfront: Flagship 18-storey Grade-A office building overlooking Marina Bay with Green Mark Platinum certification
• OUE Downtown
• One Raffles Place
• Mandarin Gallery
• Hilton Singapore Orchard
• Crowne Plaza Changi Airport
• Hotel Indigo Changi Airport
• First REIT
• Healthway Medical Corporation
• O2 Healthcare Group
• VUE
• HighHouse
• Chatterbox
• Osteria Mozza

Products and services

• OUE Bayfront Grade-A commercial office tower in Singapore's Marina Bay financial district offering premium corporate leasing space with direct MRT connection via OUE Link. Target tenants are multinational corporations and financial institutions.
• OUE Downtown Office Two premium office towers on Shenton Way in Singapore's CBD offering Grade-A office space integrated with Downtown Gallery retail mall.
• One Raffles Place Integrated Grade-A office and retail development in Singapore's financial district comprising two office towers, a shopping mall, and dining venues including HighHouse and NOVA.
• Mandarin Gallery High-end retail mall with 152-metre Orchard Road frontage situated within Hilton Singapore Orchard offering premium retail space with BCA Green Mark GoldPLUS certification.
• Downtown Gallery Premium retail mall with approximately 140,000 sq ft across six levels at OUE Downtown featuring one of the longest retail frontages in Shenton Way.
• Hilton Singapore Orchard Upper-upscale hotel with 1,080 rooms on Orchard Road, the largest Hilton property in Asia Pacific, featuring 16 meeting spaces and multiple restaurants including Michelin-starred Shisen Hanten.
• Crowne Plaza Changi Airport 575-room upscale hotel at Singapore Changi Airport Terminal 3 managed by IHG, recognised as World's Best Airport Hotel by Skytrax for 11 consecutive years.
• Salesforce Tower Sydney 55-storey premium-grade commercial tower in Circular Quay, Sydney, the tallest office building in Sydney, part of OUE REIT's Australian portfolio.
• OUE Healthcare Regional healthcare platform operating hospitals, medical centres, clinics and senior care facilities across Singapore, Japan, Indonesia, and China, anchored on Singapore's medical best practices.
• Healthway Medical Corporation One of the largest private healthcare providers in Singapore operating over 130 clinics and medical centres offering GP, health screening, dental, and specialist care.
• First REIT Singapore's first listed healthcare REIT with 31 properties including hospitals and nursing homes in Singapore, Japan, and Indonesia with S$1.02 billion total asset value.
• O2 Healthcare Group Specialist medical partnership of respiratory and cardiothoracic practices plus physiotherapy provider, operating 12 clinics with 15 specialist doctors as at 31 December 2025.
• OUE Restaurants Restaurant group operating distinct dining concepts in Singapore including VUE, HighHouse, NOVA, Osteria Mozza, Chatterbox, and Michelin-starred Shisen Hanten by Chen Kentaro.
• OUE Twin Peaks Luxury residential development comprising two 35-storey towers with 462 fully furnished apartments at 33 Leonie Hill Road in Singapore.
• OUE REIT (OUE Real Estate Investment Trust) Diversified Singapore REIT investing in income-producing commercial, hospitality, and retail real estate with total assets of S$6.1 billion as at 31 December 2025, managed by wholly-owned OUE REIT Management Pte. Ltd.

Quantifiable outcome

• OUE REIT pro forma DPU uplift of 5.8% for FY2025 from Crowne Plaza Changi Airport divestment
• +7 more outcomes

Named customers9 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Tokyo CenturycoreStrategic or Co-development Partner · 25 June 2026Tokyo Century and OUE Ltd formed a joint venture to acquire Crowne Plaza Changi Airport hotel from OUE REIT for S$500 million. This is Tokyo Century's first major real estate investment in Singapore and aligns with OUE's strategy to streamline its REIT portfolio and focus on higher-yielding assets.
• Frasers PropertyminorStrategic or Co-development Partner · 25 June 2026Frasers Property announced proposed S$2.1 billion optimisation of its Frasers Hospitality Trust portfolio including consolidation of Fraser Suites Singapore ownership.
• Changi Airport GroupcoreStrategic or Co-development Partner · 1 April 2024Changi Airport Group awarded OUE the tender for lease and development of Hotel Indigo Changi Airport at Terminal 2. The 255-key hotel will be the first zero-energy hotel in Singapore upon completion in 2028.
• Healthway Medical CorporationcoreStrategic or Co-development Partner · 1 October 2023OUE Healthcare completed acquisition of Healthway Medical Corporation in October 2023, one of the largest private healthcare providers in Singapore with over 130 clinics and medical centres. HMC was delisted in November 2023.
• Hilton Hotels & ResortscoreChannel Partner/ Reseller/ Distributor · 1 January 2023Hilton Hotels & Resorts operates Hilton Singapore Orchard (largest Hilton in Asia Pacific with 1,080 rooms) under master lease agreement. Hotel rebranded from Mandarin Orchard Singapore in January 2023 following extensive refurbishment.
• O2 Healthcare Group PartnersminorStrategic or Co-development Partner · 1 January 2022O2 Healthcare Group formed via joint venture between OUE Healthcare (60%) and OUE Limited (40%) comprising three medical specialist groups: Respiratory Medical Associates, The Respiratory Practice, Thoracic & Cardiovascular Surgery Specialist, Kang Ning Cardiothoracic Surgery, and Rehab Matters physiotherapy.
• First REIT Management LimitedcoreStrategic or Co-development Partner · 1 October 2018OUE Limited and OUE Healthcare Limited acquired 60% and 40% stakes respectively in First REIT Management Limited, manager of First Real Estate Investment Trust. First REIT has 31 properties across Singapore, Japan, and Indonesia with S$1.02 billion asset value.
• InterContinental Hotels Group (IHG)coreChannel Partner/ Reseller/ DistributorIHG manages Crowne Plaza Changi Airport (575 rooms) located at Changi Airport Terminal 3. Hotel has been named World's Best Airport Hotel by Skytrax for eleven consecutive years. IHG will also manage Hotel Indigo Changi Airport upon completion in 2028.
• Salter BrothersminorStrategic or Co-development PartnerSalter Brothers partnered with OUE for the Hotel Indigo Changi Airport development project scheduled for completion in 2028.
• Nancy SilvertonminorStrategic or Co-development PartnerCelebrated American chef Nancy Silverton's Osteria Mozza restaurant operates at Hilton Singapore Orchard as part of the hotel's award-winning restaurant line-up.
• Chen KentarominorStrategic or Co-development PartnerChef Chen Kentaro operates one-Michelin-starred Shisen Hanten restaurant at Hilton Singapore Orchard.

Scale indicators22 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• CapitaLand Integrated Commercial Trust: One of the largest Singapore-listed REITs investing in Grade-A office and retail properties across Singapore. Directly comparable to OUE REIT given similar Singapore CBD office exposure, retail mall portfolio, and REIT management structure.
• City Developments Limited (CDL): Singapore-listed real estate developer and hotel owner with hospitality exposure through Millennium & Copthorne Hotels. Comparable to OUE's combined real estate and hospitality operations in Singapore and abroad.
• Frasers Property: Singapore-listed diversified real estate company with commercial, hospitality, and residential assets. OUE recently announced a S$2.1 billion portfolio optimization with Frasers Property for Frasers Hospitality Trust.
• Hongkong Land: Asia-focused real estate investment and development company with prime office and retail assets. Comparable to OUE for its prime CBD office portfolio focus across major Asian gateway cities.
• Parkway Life REIT: Singapore-listed healthcare REIT investing in hospitals and healthcare assets across Asia. Most directly comparable to OUE's First REIT and OUE Healthcare hospital portfolio across Singapore, Japan, Indonesia, and China.
• Mandarin Oriental International: Hong Kong-listed international hotel owner-operator with luxury and upscale properties globally. Comparable to OUE's hotel ownership model, particularly Hilton Singapore Orchard and Crowne Plaza Changi Airport.

Broad incumbents

• CapitaLand Investment: Largest Singapore-based real estate investment manager with diversified portfolios across commercial, hospitality, and logistics. Operates the CapitaLand REIT family and is comparable to OUE as a diversified Asia real estate owner-operator and fund manager.
• Mapletree Investments: Singapore-based real estate investment manager with multiple REITs across commercial, logistics, and hospitality. Comparable in scale and REIT management focus to OUE's investment properties and fund management business.
• Keppel Corporation: Singapore conglomerate with significant real estate, infrastructure, and asset management operations. Operates Keppel REIT and is comparable to OUE as a Singapore-listed diversified property company with fund management operations.

Emerging players

• Bumrungrad Hospital: Leading Asian private hospital operator with regional presence. Comparable to OUE Healthcare's hospital operations and cross-border healthcare expansion strategy in Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights1 record

Customer concentration

• LinkedInlinkedin.com/company/oue-limited

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OUE