OUE Real Estate Investment Trust (OUE REIT) has reported a notable increase in revenue and net property income (NPI) for the first quarter of 2026, with figures rising by 6.7% and 8.4% year-on-year, respectively. The growth, amounting to S$70.5m in revenue and S$57.6m in NPI, is largely attributed to a robust performance in the hospitality sector and stable commercial operations.
The hospitality segment experienced a significant boost, with revenue and NPI climbing by 15.1% and 16.8% year-on-year, respectively. This was driven by proactive revenue management and an improved Meetings, Incentives, Conferences, and Exhibitions (MICE) pipeline, including events like the Singapore Airshow and Disney Cruise’s maiden voyage.
In a strategic move, OUE REIT made its first foray into the Australian market by acquiring a 19.9% interest in Sydney’s 180 George Street, also known as Salesforce Tower, for A$357.2m (approximately S$319.8m). This acquisition is expected to provide stable income, with the property boasting a near-full occupancy rate of 99.2%.
OUE Bayfront, another key asset, received planning approval to expand its office space by over 22,600 square feet, with a projected return on investment exceeding 11%. The Singapore office portfolio also recorded a positive rental reversion of 6.0% in the first quarter.
CEO Han Khim Siew highlighted the REIT’s strong start to the year, emphasising the successful capital redeployment and cost savings. Looking forward, OUE REIT aims to continue its growth trajectory by focusing on disciplined capital allocation and asset management.
