OUE Commercial REIT's Crowne Plaza Changi Airport. (Photo: REITsWeek)

OUE Commercial REIT has completed an SGD22 million upgrade of its asset known as Crowne Plaza Changi Airport (CPCA).

The asset has been upgraded with 12 additional guest rooms, a revamped all-day dining area, and revitalised meetings, incentives, conventions and exhibitions (MICE) spaces.

As such, CPCA is now operating an inventory of 575 rooms, and is well-positioned to capitalise on the anticipated increase in tourists and business travellers in 2024 and beyond, said the REIT on 3 January.

“The successful completion of CPCA’s [asset enhancement initiative]is another testament to OUE C-REIT’s commitment to optimise the value of our assets through active asset management”, said Han Khim Siew, CEO of the REIT’s manager.

“CPCA has been a premier hospitality destination with its direct connection to Changi Airport and was crowned the World’s Best Airport Hotel for eight consecutive years by Skytrax”, he pointed out.

“With these income-generating enhancements and strengthened offerings, we are confident that CPCA will be able to take advantage of the continued tourism recovery, as well as the MICE demand amidst the ongoing development of Terminal 5, Changi East Industrial Zone and Changi East Urban District”, Han added.

OUE Commercial REIT was last done on the Singapore Exchange at SGD0.29, which presently implies a distribution yield of 7.24% 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.