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The two companies are planning to establish a joint venture to finalize a transaction for the iconic development, Bloomberg reported, citing people familiar with the matter.

They are also considering partially redeveloping the complex, though UOB, one of the property’s owners, is expected to retain the space it currently occupies following the sale, one of the sources said.

Situated in Singapore’s central business district, One Raffles Place comprises two office towers of 62 and 38 floors, along with a six-level retail mall. The complex has more than 65,000 square meters of gross leasable area and rises 280 meters, making it one of the tallest in the city-state.

OUB Centre has an 81.54% stake in the building while UOB, one of Singapore’s biggest lenders, owns the remaining 18.46%.

OUE REIT, a real estate investment trust backed by Indonesia’s billionaire Riady family, indirectly controls 83.33% of OUB Centre through wholly owned subsidiaries, giving it a 67.95% interest in the building, according to The Business Times.

The property is estimated to be worth S$2.37 billion based on the valuation of the REIT’s stake at the end of last year.

Earlier reports said father-and-son billionaire duo Raj Kumar and Kishin RK were also among the parties interested in the property.

The potential sale comes as Singapore’s commercial property market is heading for a record year, with deals totaling US$10.3 billion in the first half of 2026, according to global index provider MSCI.

Property consultancy Knight Frank said prime office properties remain attractive to investors because of their reliable rental income, while limited availability of high-quality space in the central business district is providing further support, as quoted by EdgeProp Singapore.

CapitaLand Investment is an asset manager backed by Singapore state-owned investor Temasek.

IOI Properties, meanwhile, is controlled by brothers Lee Yeow Chor and Lee Yeow Seng, who jointly ranked third on Forbes’ Malaysia rich list in April with a combined fortune of US$8.5 billion.

Billionaires Lee Yeow Chor (L) and Lee Yeow Seng. Photo from IOI Properties Group’s website

The property group has been acquiring properties to bolster its presence in Singapore. In April, it agreed to buy Asia Square Tower 2 in the Marina Bay district for about US$1.95 billion from a REIT backed by CapitaLand Investment.

It also secured regulatory approval in Malaysia earlier this month to establish and list IOIPG Malaysia Real Estate Investment Trust, a real estate investment trust backed by RM7.58 billion (US$1.85 billion) in assets.