NOT many boys at the tender age of 10 live apart from their parents in an entirely different country. But Stephen Riady was not just any young boy.
Born in Jakarta in 1960, he was sent by his father, Indonesian entrepreneur Mochtar Riady, to pursue his education in Singapore. Little did he know that, years later, he would make a significant imprint in the country he would later call home.
On special occasions when Riady’s parents came for a visit, they would take him to have his favourite chicken rice at Chatterbox in the Mandarin Singapore Hotel (later renamed Mandarin Orchard Singapore).
And just like how chicken rice has become synonymous with Singapore, Riady and his family have played an instrumental role in shaping the nation’s landscape.
Today, their real estate and healthcare group, OUE Limited, counts Hilton Singapore Orchard (the former Mandarin Orchard Singapore), Mandarin Gallery, One Raffles Place, OUE Bayfront, OUE Downtown, OUE Twin Peaks and Crowne Plaza Changi Airport amongst some of their most iconic properties in Singapore.
Plans are also in place to develop Hotel Indigo Changi Airport, a new 255-room net-zero hotel slated to open in 2028 at Changi Airport Terminal 2.
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The company has firmly established healthcare as the second growth driver of the business, focused on primary and tertiary healthcare in Singapore and the region.
No dream too big
After completing his university studies in the United States, Riady heeded his father’s call to spearhead the overseas expansion of the family business, starting in Hong Kong. For the next 15 years, he diligently nurtured their business presence in North-east Asia.
When the Asian Financial Crisis struck in 1997, Riady found himself reflecting on the future and turned his thoughts to Singapore as the place he wanted to call home with his family. Riady eventually became a citizen in 2018.
“My family had spent a lot of time in Singapore, and we shared many fond memories of the country,” says Riady. “Back then, our business did not have a presence in Singapore, so I thought it was a good time to settle here for the family and seek opportunities to expand the business,” he explains.
Sinking his roots in Singapore
The move back to Singapore also saw Riady transition from a short-term investor to an asset owner and developer with a long-term vision.
“In Hong Kong, I would invest in a project then sell when the price was right. But when I came back to Singapore, I wanted to become a developer and long-term asset owner. I wanted to have roots in this country,” he explains.
Fortuitously, his return to Singapore came at a time when the government was seeking to expand and enhance the central business district, promoting a work, live and play culture to boost its status as a global business, financial and tourism hub.
Since then, Singapore has steadily developed into an internationally renowned city of commerce, with a constellation of prominent buildings dotting its fast-changing skyline, many of which are developed by OUE.
OUE was established in 1964 and listed in 1969. Recounting his earliest memories of the company, Riady says as a boy, he would turn on the now-defunct Teletext and see OUE as the blue-chip property stock at the time.
In 2010, he was appointed executive chairman and is now also group chief executive officer of the company.
Under Riady’s leadership, OUE has transformed its business and increased the total value of its assets to S$9.3 billion as of 31 December 2023. This portfolio includes two listed REITs spanning iconic commercial, hospitality, retail and healthcare assets across the region.
In 2017, OUE expanded into the healthcare sector, with a vision to scale Singapore’s best medical practices in the country and beyond. With Singapore’s rapidly ageing population and increasing regional demand for quality healthcare, Riady believes the company’s move was timely for capturing opportunity while addressing the region’s growing needs. Reflecting on OUE’s 60th anniversary this year, Riady says: “I feel so proud to be part of this company so many years later.”
Leadership with heart
Having enjoyed immense corporate success thus far, Riady has sought to give back to the community, a philosophy imparted to him by his father. “He used to tell me that if you do well, always remember to give back to the communities where you have thrived in,” says Riady.
Driven by this ethos, Riady has directed his philanthropic efforts primarily through the Stephen Riady Foundation, which focuses on making impactful contributions in education and healthcare—areas he believes are pivotal to help uplift society. The foundation engages in numerous initiatives, such as providing scholarships and funding for educational institutions and healthcare organisations.
Exuding an even temper and calm demeanour, Riady describes himself as an “ordinary” businessman, characterised by humility and a belief that one should not “trouble others” when conducting business. “You must be responsible in doing business, do not trouble others and do not trouble the government,” he explains.
In an increasingly uncertain and volatile world, Riady believes that a person must develop three types of capital to succeed in business and life: networks, skills and ability, and human capital. While networking and skills can be acquired relatively easily, he feels human capital is the most complex to cultivate, as it involves innate intelligence, a sense of responsibility and, most importantly, compassion.
“To develop human capital, you need someone with a heart big enough to lead effectively and compassionately. If your heart isn’t big enough, you end up getting angry frequently, constantly under pressure and often rushing through things,” he says.
As he looks back on OUE’s achievements over the past six decades, Riady reveals that of all the buildings in OUE’s portfolio, Hilton Singapore Orchard is the one he holds closest to his heart.
In 2010, OUE transformed the lower floors of the hotel into Mandarin Gallery, a premier retail and lifestyle upscale mall facing Orchard Road. Furthermore, in 2023, OUE rebranded Mandarin Orchard Singapore to Hilton Singapore Orchard, introducing a new chapter of exceptional hospitality for guests, in line with the government’s call to promote Singapore as an attractive tourist destination.
“It’s a place I have known since I was 10 years old, and to think that we not only own this iconic building today, but have also enhanced its value,” he muses. Suffice to say, the memories of those treasured chicken rice treats at Chatterbox have left an indelible mark in his heart.
Key milestones in OUE’s history
1964 – OUE is incorporated in Singapore. The company was established as part of Overseas Union Bank, one of Singapore’s leading financial institutions at the time.
1966 – Construction begins for OUE’s inaugural project, The Mandarin Singapore hotel (later renamed Mandarin Orchard Singapore), in the heart of Singapore’s Orchard Road. When the first of the hotel’s two towers opened in 1971, it set a record as the tallest hotel in South-east Asia and the largest in Singapore with 700 rooms.
1986 – OUE opens one of its first commercial landmarks, One Raffles Place Tower One, the tallest skyscraper in Singapore at the time.
2006 – Stephen Riady assumes majority control of OUE.
2010 – OUE acquires the former DBS Headquarters at 6 Shenton Way, then the biggest commercial property transaction in Singapore. In the same year, OUE converted the lower floors of Mandarin Orchard Singapore into Mandarin Gallery.
2011 – OUE Bayfront, an 18-storey Grade-A office building with stunning views of the Marina Bay area, is completed. The building was converted from the former Overseas Union House along the historic Collyer Quay waterfront.
2012 – The company unveils One Raffles Place Tower Two, a 38-storey sister tower to One Raffles Place Tower One. It was designed by architect Paul Noritaka Tange, and was a cutting-edge complement to Tower One, which had been designed decades prior by his father, the renowned Kenzo Tange. OUE also acquires the 320-room Crowne Plaza Changi Airport, the only international luxury hotel connected directly to Changi Airport.
2014 – OUE embarks on a 10-storey extension of the Crowne Plaza Changi Airport on an adjacent plot of land, completing the project in 2016 and adding 243 rooms to the hotel. OUE becomes the first developer in Singapore to use the Prefabricated Prefinished Volumetric Construction (PPVC) model for a commercial building in Singapore. Crowne Plaza Changi Airport would later win the World’s Best Airport Hotel award by Skytrax nine times.
2016 – OUE launches OUE Twin Peaks, two identical 35-storey residential towers at 33 Leonie Hill Road, comprising 462 ready-to-live-in fully furnished apartments with state-of-the-art facilities.
2017 – OUE expands into the healthcare sector through the acquisition of OUE Healthcare Limited, followed by an investment in First REIT, Singapore’s first listed healthcare-focused REIT, and the acquisition of First REIT’s manager in 2018. In addition, OUE unveils OUE Downtown (the former DBS Headquarters), a vibrant mixed-use development comprising premium offices, a hotel and a lifestyle shopping mall.
2019 – The company diversifies into the food and beverage sector through OUE Restaurants, taking homegrown brand Chatterbox overseas to Hong Kong.
2023 – Following an extensive refurbishment, the former Mandarin Orchard Singapore reopens as Hilton Singapore Orchard, the largest Hilton property in Asia Pacific. OUE also completes the refurbishment of Crowne Plaza Changi Airport.
OUE Healthcare acquires a strategic stake in Healthway Medical Corporation, Singapore’s largest private primary healthcare company.
2024 – OUE celebrates its 60th anniversary. OUE Commercial REIT celebrates its 10th anniversary and rebrands as OUE REIT. In April, OUE wins a tender to develop Hotel Indigo Changi Airport, Singapore’s first net-zero hotel at Changi Airport Terminal 2.