One Raffles Place Is About to Change Hands for $2.4B

Raffles Place is about to change hands for $2.4B.

Singapore's most iconic tower just found its buyer.

CapitaLand and IOI Properties Group Berhad are reportedly near a deal to acquire One Raffles Place via a joint venture.

The two regional powerhouses just bought Asia Square Tower 2 eight months ago for S$2.48B.

Now they're back for Singapore's iconic address.

- Two Grade A Towers
- 62-storey and 38-storey
- 841-year title on Tower 1
- 99-year title on Tower 2
- The seller (OUE REIT) controls 68%
- The occupant (UOB) holds 18.46%

This ranks among the largest recent pure office deals in Singapore's CBD. The price represents a reset from the $2.5B sellers initially sought back in February.

CapitaLand is also exploring partial redevelopment while letting UOB stay put, the classic private-markets playbook.

Two mega deals in eight months say the Malaysian developer isn't just buying trophy assets - it's repositioning its entire Singapore platform.

The deal is unconfirmed as of now, but Bloomberg has solid sourcing. Awaiting official statements.

Do you have memories tied to Raffles Place?