The manager intends to draw down on existing loan facilities to fully fund the space conversion.
OUE Bayfront has obtained planning approval to convert a chiller system area on level 17 into prime office space. The conversion, expected to be completed by 1H2027, will free up over 2,100 sqm of gross floor area that can be converted into prime office space, says the manager of OUE REIT on March 24.
With the estimated capital expenditure of up to approximately $43 million, the space conversion is expected to deliver a stabilised return on investment exceeding 11%, according to OUE REIT.
