OUE REIT FY2025: Lippo Plaza Divested, Singapore Office Near Full, Hotels Soften

OUE REIT FY2025 Annual Report (year ended 31 Dec 2025) reflects a leaner, Singapore-focused portfolio following the December 2024 divestment of Lippo Plaza Shanghai. Total AUM S$5.8B across 6 properties.

Lippo Plaza Shanghai (Divested Dec 2024): Divested on 27 December 2024 for RMB1,917M (S$357.4M) — a premium to the December 2024 independent valuation of RMB1,769M (S$329.8M). Proceeds used to repay loans. Exits Shanghai office market amid continued weakness, sharpening OUE REIT's focus on Singapore CBD and hospitality assets.

• ▸OUE Bayfront (50%): Occ +0.8pp to 99.0% (office 99.4%, retail 92.3%); valuation +S$34.0M (+2.4%) to S$1,422.0M. Achieved BCA Green Mark Platinum. NLA remeasured to 39,357 sqm post-AEI.
• ▸One Raffles Place (67.95%): Occ stable at 95.3% (office 94.5%, retail 99.4%); valuation +S$3.7M to S$1,930.0M.
• ▸OUE Downtown Office: Occ +1.5pp to 93.4%; valuation flat at S$930.0M. BCA Green Mark Platinum achieved.

Mandarin Gallery: Occ -2.5pp to 95.7%; valuation -S$13.0M (-2.9%) to S$438.0M. Pop-up activations (Labubu, Twinkle Twinkle) drove footfall on Orchard Road.

• ▸Hilton Singapore Orchard (1,080 rooms): RevPAR -S$30 to S$260 (FY2024: S$290; -10.3%); valuation -S$45.5M (-3.5%) to S$1,273.0M.
• ▸Crowne Plaza Changi Airport (575 rooms): RevPAR +S$4 to S$246 (FY2024: S$242; +1.7%); valuation -S$9.0M to S$511.0M.

OUE REIT's FY2025 story is portfolio consolidation — exiting the underperforming Shanghai office asset and doubling down on Singapore CBD. Office occupancies are near-full and BCA Green Mark upgrades support premium positioning. Hospitality showed divergence: Hilton Orchard softened on RevPAR while Crowne Plaza Changi Airport held up. Strategic review of One Raffles Place as a 'more mature asset' signals further recycling ahead.