Singapore-based property developer OUE Limited has announced the incorporation of a wholly-owned subsidiary by the name of OUE Commercial REIT Management Private Limited. The company was incorporated in Singapore on Friday with a paid-up capital of S$1.00.
|One of the properties that will be injected into the OUE Commercial REIT is the OUE Bayfront and its ancillary buildings.|
OUE Limited has not indicated the specific intentions of the incorporation nor the proposed business activities of the new entity. However it is quite clear from its name that the new company will be the manager for the intended REIT that it is intending to establish - the OUE Commercial REIT.
Initial properties that will be injected into the REIT include the 18-storey OUE Bayfront which is located at 50 Collyer Quay, Singapore and its ancillary properties comprising of a conserved tower building used for F&B outlets and a link bridge with retail shops.
Besides OUE Bayfront, commercial properties currently owned by Lippo China Resources Limited are also currently being considered for inclusion into the proposed REIT. Lippo China Resources is a company listed on the Hong Kong Stock Exchange. Like OUE Limited, Lippo China REsources is controlled by the Riady family of Indonesia.