OUE Commercial REIT announced on 3 January that it has reopened the 446-room Orchard Wing at Hilton Singapore Orchard.

The wing has been reopened following a 10-month rejuvenation, said the REIT.

With the re-opening, OUE Commercial REIT’s Hilton Singapore Orchard is now operating its full inventory of 1,080 rooms.

“As we enter 2023, we look forward to resharpening the hotel’s position for more growth, attracting a wider audience of guests with its refreshed room, MICE and food & beverage experiences,” said Brian Riady, Deputy CEO and Executive Director of OUE.

Meanwhile, Han Khim Siew, CEO and Executive Director of the REIT’s manager pointed to the potential return of Chinese and Japanese visitors, and pipeline of MICE events in 2023 as positive factors for the REIT.

“The rejuvenation of OUE Commercial REIT’s prime hospitality asset to add more income-generating meeting spaces and partnering [with]a global brand which is equally committed to sustainability has been most timely”, said Han.

“We are confident that Hilton Singapore Orchard will surpass the minimum rent of SGD45 million per annum with the full 1,080 rooms inventory available in 2023”.

OUE Commercial REIT was last done on the Singapore Exchange at SGD0.34, which presently implies a distribution yield of 6.35% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.