In June 2008, the building's retail podium was redeveloped to make way for a second office tower, which opened in September 2012, and was rebranded as One Raffles Place.

The 38-storey tower houses 360,000 square feet (33,000 m2) of offices, and is designed to be environmentally friendly, with fittings such as solar panels and rainwater collection systems.

The tower was awarded the Building and Construction Authority Green Mark Platinum certification for its environmentally friendly design.

[11] As part of the redevelopment scheme, in October 1979, OUB temporarily shifted its headquarters to a new purpose-built building along Boon Tat Street.

[13] OUB also purchased the plot once occupied by the Robinsons department store from the Urban Redevelopment Authority (URA) in the same year for the new development.

[16] Temporary piling work concluded in March 1983, and the building's foundations were completed by October 1983, followed by the development's underground portion in November 1984.

[9] Having cost S$486 million to build, the OUB Centre was officially opened by then-Prime Minister of Singapore Mr Lee Kuan Yew on 8 August 1988.

[24][25] In 2001, the Singapore Exchange moved most of its operations to Unity Towers, with only the open outcry trading pit remaining in OUB Centre.

In May 2006, UOB sold the building, along with several other properties, to Lippo Group as part of an effort to divest its non-financial holdings in order to comply with Singapore government regulations.

[28] In June 2008, OUE started redevelopment of OUB Centre's retail podium to make way for a second office tower, and set aside S$530 million for its development.