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Projects such as the OUE Bayfront are symbolic of the company's commitment to Singapore. Photos Provided to China Daily
While many Singapore property developers focus on building a part of their portfolio outside the country, Overseas Union Enterprise Ltd, remains "Singapore-centric".
Incorporated in 1964, OUE has developed and managed landmark properties in prime locations throughout Singapore, and is today setting its sights on becoming an industry leader in Singapore's highly competitive commercial, hospitality, retail and residential property sectors.
OUE was originally a subsidiary of one of Singapore's leading financial institutions, United Overseas Bank Ltd. OUE was established to manage the bank's prime real estate portfolio that includes properties on Orchard Road and Raffles Place.
"We believe in the Singapore story," says Stephen Riady, executive chairman of OUE.
"Through the country's strong economy, stable government and the people's desire to create a country they can be proud of, Singapore will continue to prosper."
Riady has led OUE's drive to turn around under-performing assets. The company's $160 million renovation of the hotel lobby at the Mandarin Orchard Singapore in 2009 transformed its street-level entrance into a major retail mall. Today, Mandarin Gallery is a high-end shopping destination on Orchard Road.
Other developments include commercial and retail sites such as One Raffles Place (formerly OUB Centre), DBS Building Towers One and Two and OUE Bayfront.
Previously a parking garage, OUE Bayfront is now a state-of-the-art, 18-story office building and home to OUE's new head office. The building boasts impressive views of Marina Bay and has direct access to Singapore's financial business district.
Multinational companies in Singapore want to be where the action is and that has bolstered OUE Bayfront's occupancy rate to 89.7 percent. DBS Towers enjoys an occupancy rate of 74.6 percent.
"Singapore has successfully positioned itself as a global financial center and is becoming increasingly important within the region", says Riady. "As Asian economies grow, opportunities in communication, trade and travel are continuing to present themselves".
With 17 million tourists expected to visit Singapore by 2015, OUE's hotels - the Mandarin Orchard, Crowne Plaza Changi Airport and the Marina Mandarin - are expected to be in high demand. The company's hospitality division alone brought in more than $47 million in revenue in the second quarter of 2012.
To meet high demand in Singapore's residential sector, OUE's Twin Peaks development is expected to be completed in early 2015.
Located in one of Singapore's most exclusive residential enclaves, the Twin Peaks offers 462 fully furnished luxury units designed by architects in two identical 35-storey towers. The development is located near several international schools and minutes away from the world-renowned shopping belt Orchard Road.
As OUE continues focusing on its commercial, hospitality, retail and residential portfolio, the company is without doubt helping to build a better Singapore, says Riady.
(China Daily 11/19/2012 page7)