OUE REIT Dividend Yield 2026: DPU History, 6.7% Forward Yield & Crowne Plaza Divestment Impact
SGX: TS0U | Complete Singapore investor guide — DPU history, portfolio analysis & what the S$500M divestment means for your income.
OUE REIT (SGX: TS0U) is a diversified Singapore REIT with S$6.1 billion in total assets spanning office, hospitality, and retail properties in Singapore and Sydney. For FY2025, OUE REIT paid a Distribution Per Unit (DPU) of 2.23 Singapore cents — up 13.8% on a core basis. At its current unit price of approximately S$0.37, that translates to a trailing yield of around 6.0%, with forward yield estimates of 6.7–7.4% as the Crowne Plaza Changi Airport divestment completes in 2026.
Not financial advice. All figures are for educational reference only. Data as at July 2026 unless noted.
- OUE REIT FY2025 DPU: 2.23¢ — trailing yield ~6.0% at S$0.37 unit price
- Forward yield lifts to ~6.7–7.4% after Crowne Plaza Changi divestment (S$500M, +5.8% DPU uplift) — EGM in 3Q 2026, completion expected 4Q 2026
- Gearing improves from 41.5% to ~36.6% post-divestment — significantly more headroom
Table of Contents
Contents — Click to expand
What Is OUE REIT? (SGX: TS0U)
OUE REIT is one of Singapore’s largest diversified Real Estate Investment Trusts (S-REITs), listed on the Singapore Exchange (SGX) under the ticker TS0U. It was formed through the merger of OUE Commercial REIT and OUE Hospitality Trust in 2019, creating a single entity with exposure to both commercial and hospitality property in Singapore.
As at 31 December 2025, OUE REIT had total assets of S$6.1 billion. Its portfolio spans seven high-quality assets — three office properties, two hotels, one retail mall, and a new international stake in Sydney. The REIT is managed by OUE REIT Management Pte. Ltd., a wholly-owned subsidiary of OUE Limited (SGX: LJ3), which is also the REIT’s sponsor.
OUE REIT targets Singapore investors seeking income from diversified real estate — combining the stability of Grade A office rents with the cyclical upside of Singapore’s recovering hospitality sector.
Key Facts at a Glance
| Metric | Detail |
|---|---|
| SGX Code | TS0U |
| REIT Type | Diversified (Office + Hospitality + Retail) |
| Total Assets | S$6.1 billion (as at 31 Dec 2025) |
| FY2025 DPU | 2.23 Singapore cents (+13.8% core growth) |
| Unit Price (Jul 2026) | ~S$0.37 |
| Trailing Yield | ~6.0% |
| Forward Yield (FY26F) | ~6.7% (rising to ~7.4% post-divestment) |
| Aggregate Leverage (Gearing) | 41.5% (falls to ~36.6% post-divestment) |
| NAV Per Unit | S$0.55 (as at 31 Mar 2026) |
| Distribution Frequency | Semi-annual |
| Sponsor | OUE Limited (SGX: LJ3) |
Source: OUE REIT investor presentations, SGX filings. Unit price is indicative as at July 2026.
OUE REIT DPU & Dividend Yield History
Distribution Per Unit (DPU) — the amount of cash OUE REIT pays you per unit held each year — is the key income metric for investors. Here is the full DPU history since the merger in FY2019:
| Financial Year | Annual DPU (¢) | YoY Change | Notes |
|---|---|---|---|
| FY2020 | 1.50 | – | COVID-19 impact; hospitality severely hit |
| FY2021 | 1.30 | -13.3% | Travel restrictions; hotel revenue depressed |
| FY2022 | 1.60 | +23.1% | Border reopening; hotel recovery begins |
| FY2023 | 1.80 | +12.5% | Tourism recovery; strong RevPAR growth |
| FY2024 | 1.96 | +8.9% | Higher financing costs offset growth |
| FY2025 | 2.23 | +13.8% (core) | Falling SORA; Sydney acquisition; hospitality strength |
| FY2026F* | ~2.50 | ~+12% (est.) | Post Crowne Plaza divestment + special distribution |
Source: OUE REIT SGX-filed financial statements, investor presentations. *FY2026F = analyst estimates incorporating Crowne Plaza Changi divestment. Not a guarantee of future distributions.
How to calculate OUE REIT dividend yield: Divide the annual DPU by the unit price and multiply by 100. At FY2025 DPU of 2.23¢ and unit price of S$0.37: 2.23¢ ÷ 37¢ × 100 = 6.0% trailing yield. If DPU rises to 2.50¢ post-divestment, yield at the same price reaches 6.76%.
For a SGD 10,000 investment at S$0.37 per unit (27,027 units), FY2025 distributions would total approximately S$602. At the FY2026F DPU of 2.50¢, that rises to S$676 — plus a separate S$20 million special distribution to be paid over two years post-completion.
Portfolio: Office, Hospitality & Retail Assets
OUE REIT’s strength comes from its premium Singapore-centric portfolio. Here is a breakdown of each key asset:
| Asset | Type | Location | Key Metric |
|---|---|---|---|
| OUE Bayfront | Grade A Office | Marina Bay, CBD | High-spec waterfront tower |
| One Raffles Place | Grade A Office + Retail | Raffles Place, CBD | Iconic twin-tower complex; potential sale under review |
| OUE Downtown Office | Office | Shenton Way, CBD | Modern refurbished office building |
| Hilton Singapore Orchard | Hotel (1,080 rooms) | Orchard Road | Occupancy above 85%; RevPAR recovery |
| Crowne Plaza Changi Airport | Hotel (575 rooms) | Changi Airport | Proposed divestment for S$500M; EGM 3Q 2026 |
| Mandarin Gallery | Retail Mall | Orchard Road | 126,283 sq ft; luxury retail destination |
| 180 George Street, Sydney | Premium Office (19.9% stake) | Sydney CBD | Salesforce Tower; 99.2% occupancy |
Source: OUE REIT investor presentation, March 2026. Data as at Q1 2026.
OUE REIT’s three Singapore office assets total approximately 1.7 million square feet of net lettable area (NLA) in the Central Business District. In 1Q 2026, Singapore commercial occupancy reached 95.5% — a strong number that supports stable rental income. Sydney commercial occupancy stands at an even higher 99.2%, reflecting the scarcity of premium office space in Sydney’s CBD.
The hospitality segment is a key differentiator. Hilton Singapore Orchard, with 1,080 rooms along prime Orchard Road, has recovered strongly from COVID-era lows. Operating above 85% occupancy, it benefits from Singapore’s strong tourism recovery and rising RevPAR (Revenue Per Available Room). This dual income stream — stable office rents plus cyclical hospitality upside — is what makes OUE REIT distinct from pure-play office or retail REITs.
Crowne Plaza Changi Divestment: What It Means for DPU
On 25 June 2026, OUE REIT announced one of the most significant transactions in its history: the proposed divestment of Crowne Plaza Changi Airport for S$500 million. This is the single biggest catalyst for OUE REIT’s dividend yield outlook in 2026.
Why is OUE REIT selling Crowne Plaza Changi? The divestment is at a 1.3% premium to the average of two independent valuations — a fair price that unlocks substantial capital for redeployment. Net proceeds are approximately S$498.5 million.
Here is exactly how the divestment changes the numbers for you as a unitholder:
| Metric | Pre-Divestment | Post-Divestment (Pro Forma) |
|---|---|---|
| Aggregate Leverage | 41.5% | ~36.6% (–5pp) |
| DPU Impact | 2.23¢ (FY2025) | +5.8% pro forma uplift |
| Special Distribution | – | S$20M over 2 years |
| Distribution Yield | ~6.0% | ~6.6–7.4% (incl. special) |
| Portfolio Focus | Office + Hospitality + Retail | Primarily Office + Hilton + Retail |
Source: OUE REIT SGX announcement, 25 June 2026. Pro forma figures based on FY2025 results.
As at July 2026, unitholders’ approval for the divestment is being sought at an Extraordinary General Meeting (EGM) in 3Q 2026, with completion expected by 4Q 2026 — the transaction has not yet completed. The S$20 million special distribution will be paid evenly over the two years following completion.
Beyond the DPU impact, lower gearing of ~36.6% gives OUE REIT meaningful financial flexibility. At 36.6%, there is approximately 13.4 percentage points of headroom to the MAS 50% standard gearing limit — enough to pursue acquisitions worth over S$800 million without needing equity fundraising, if the right opportunities arise.
Analysts have maintained Buy ratings on OUE REIT following the announcement, citing the DPU accretion and deleveraging as positive catalysts. If you want to track dividend income across your REIT portfolio, our dividend yield calculator can help you model distributions.
OUE REIT Yield vs Comparable S-REITs
How does OUE REIT stack up against other Singapore office and diversified REITs? The table below compares key metrics for the closest peers:
| REIT | SGX Code | Sector | Trailing Yield | Gearing | P/NAV |
|---|---|---|---|---|---|
| OUE REIT | TS0U | Div. Office + Hospitality | ~6.0% (6.7–7.4% fwd) | 41.5% (→36.6%) | ~0.67x |
| Keppel REIT | K71U | Office | 6.67% | 41.2% | ~0.74x |
| Suntec REIT | T82U | Office + Retail | 6.48% | 42.8% | ~0.72x |
| MPACT | N2IU | Retail + Office | 6.45% | 40.4% | ~0.75x |
| Starhill Global REIT | P40U | Retail | 7.18% | 35.4% | ~0.68x |
Source: SGX filings, OUE REIT investor presentations, The Kopi Notes analysis. Data as at June 2026. Yields are trailing and for reference only.
At its current unit price, OUE REIT trades at approximately 0.67x NAV — the deepest discount to book value among its office-sector peers. This discount reflects both the higher gearing and the ongoing uncertainty around the One Raffles Place strategic review. However, if the Crowne Plaza divestment completes and gearing falls to ~36.6%, the valuation case becomes more compelling.
Compared with pure-play office REITs like Keppel REIT (6.67%) and Suntec REIT (6.48%), OUE REIT’s forward yield of 6.7–7.4% is superior on an income basis, though its hospitality exposure introduces additional revenue cyclicality. For income-focused investors comfortable with that trade-off, OUE REIT’s forward yield premium is meaningful.
To see how OUE REIT fits into a diversified REIT portfolio, see our guide to best S-REITs in Singapore 2026 for a full yield ranking across 12 major REITs.
Risks to Consider
OUE REIT’s high forward yield comes with specific risks you should evaluate before investing:
1. Gearing Risk
At 41.5%, OUE REIT’s current leverage is among the higher end for S-REITs. While this falls to ~36.6% post-divestment, any unexpected asset devaluation — particularly of One Raffles Place or OUE Bayfront — could pressure this metric. The MAS 50% gearing limit means there is currently only ~8.5 percentage points of headroom.
2. Office Sector Headwinds
Hybrid work has moderated demand growth for CBD office space globally. Singapore Grade A CBD rents remain stable in 2026 due to limited new supply, but vacancy risk increases if economic conditions weaken or major tenants downsize. OUE REIT’s three office assets contribute the majority of commercial NPI.
3. One Raffles Place Strategic Review
OUE REIT has been assessing market interest for One Raffles Place — the iconic twin tower in Raffles Place. A sale would significantly reshape the portfolio and could either unlock value (if above NAV) or signal distress (if below). This uncertainty is partly reflected in the deep P/NAV discount.
4. Interest Rate Sensitivity
With 41.5% gearing, OUE REIT’s distributions are sensitive to refinancing costs. For every 25 basis point rise in SORA, interest expense increases, reducing distributable income. Conversely, the falling SORA trend in 2025–2026 has been a DPU tailwind — a key reason FY2025 core DPU grew 13.8%.
5. Divestment Execution Risk
The Crowne Plaza divestment still requires unitholder approval at the EGM in 3Q 2026. While analysts view the deal favourably, approval is not guaranteed, and completion timing could slip past 4Q 2026 — delaying the DPU uplift and special distribution.
How to Invest in OUE REIT
OUE REIT (SGX: TS0U) is listed on the Singapore Exchange and can be bought through any SGX-approved brokerage. Here is a step-by-step guide:
Step 1: Open a brokerage account. You need a Singapore brokerage account linked to a CDP (Central Depository) account. Popular options include moomoo Singapore, Tiger Brokers, IBKR, and FSMOne. For competitive commissions and CPF/SRS access, FSMOne is a strong option for REIT investors.
Step 2: Search for TS0U. In your brokerage app, search for “TS0U” or “OUE REIT”. Confirm you’re buying the correct security on SGX.
Step 3: Check the ex-dividend date. To receive the next distribution, you must hold OUE REIT units before the ex-dividend date. OUE REIT pays semi-annually — check SGX announcements or OUE REIT’s investor relations page for upcoming dates.
Step 4: Place your order. Minimum lot size is 100 units. At S$0.37 per unit, a 1-lot position costs S$37 (plus brokerage commission of approximately S$1.50–S$2.50 depending on your broker).
Step 5: Monitor DPU announcements. OUE REIT publishes quarterly business updates and semi-annual financial results on SGX. Watch for the EGM related to the Crowne Plaza divestment in 3Q 2026 — unitholders will vote on the proposed sale.
For income investors building a REIT portfolio, platforms like Syfe (referral code: SRPRFFFCD) and FSMOne (referral code: P0544985) offer low-cost ways to access Singapore REITs with additional tools for portfolio tracking. You can also use CPF or SRS funds via Endowus (referral code: 2V343) for diversified REIT exposure.
To project how OUE REIT distributions might supplement your CPF LIFE payouts in retirement, use our free Singapore retirement calculator.
Frequently Asked Questions
What is OUE REIT's dividend yield in 2026?
OUE REIT (SGX: TS0U) has a trailing dividend yield of approximately 6.0% based on FY2025 DPU of 2.23 Singapore cents and a unit price of ~S$0.37. Forward yield estimates are 6.7–7.4% for FY2026, incorporating the 5.8% DPU uplift from the proposed divestment of Crowne Plaza Changi Airport for S$500 million. Yields are calculated as annual DPU divided by current unit price and will change as the unit price moves.
How often does OUE REIT pay distributions?
OUE REIT pays distributions semi-annually — twice a year. The interim distribution (for the first half of the financial year) and the final distribution (for the second half) are typically announced alongside OUE REIT’s half-year and full-year financial results. Check the SGX website or OUE REIT’s investor relations page for upcoming ex-dividend and payment dates. For the Crowne Plaza divestment special distribution, an additional S$20 million will be distributed evenly over two years post-completion.
Is OUE REIT a good investment in 2026?
OUE REIT offers an attractive forward yield of 6.7–7.4% — among the highest in the Singapore office/diversified REIT segment — and trades at a 33% discount to NAV (P/NAV ~0.67x). The Crowne Plaza divestment is a positive catalyst: it boosts DPU by 5.8%, reduces gearing from 41.5% to ~36.6%, and triggers a S$20M special distribution. Key risks include the One Raffles Place strategic review uncertainty, hybrid work headwinds for office rents, and EGM approval risk for the divestment. Always consult a licensed financial adviser before investing.
What is OUE REIT's gearing ratio?
OUE REIT’s aggregate leverage (gearing ratio) was 41.5% as at 1Q 2026. On a pro forma basis post-completion of the Crowne Plaza Changi Airport divestment (expected 4Q 2026), gearing falls approximately 5 percentage points to ~36.6%. The MAS standard gearing limit for S-REITs is 50%, so OUE REIT would have ~13.4 percentage points of headroom post-divestment — providing capacity for future acquisitions without dilutive equity fundraising.
What assets does OUE REIT own?
OUE REIT owns seven assets: three Singapore CBD office properties (OUE Bayfront, One Raffles Place, OUE Downtown Office) totalling ~1.7 million sq ft NLA; two hotels (Hilton Singapore Orchard with 1,080 rooms, and Crowne Plaza Changi Airport with 575 rooms — proposed for divestment in 2026); Mandarin Gallery retail mall on Orchard Road (126,283 sq ft); and a 19.9% stake in 180 George Street (Salesforce Tower) in Sydney, Australia. Total assets stand at S$6.1 billion as at 31 December 2025.
Can I use CPF to invest in OUE REIT?
OUE REIT (TS0U) is listed on SGX but you should check the current CPFIS-OA eligible securities list on the CPF Board website before investing, as eligibility can change. Not all S-REITs qualify for CPF investment — eligibility depends on the REIT’s size, liquidity, and listing standards. If OUE REIT is on the approved list, you can use CPF Ordinary Account funds via CPFIS, subject to the 35% investible savings cap for stocks and REITs. Since CPF-OA earns a guaranteed 2.5% p.a., only invest via CPF in securities where you are confident of outperforming this floor.
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This article was researched with the help of AI. While we strive to keep all information accurate and up to date, there may be errors. If you notice any discrepancies, please contact us.
