The OUB Centre together with the UOB Plaza One and the Republic Plaza, is one of the 3 tallest skyscrapers in Singapore. It's 280m tall, has 63 floors and it's mainly used as an office building. There is a shopping mall at the bottom named One Raffles Place. Another tower is being built near the current OUB Centre and will be completed in 2011 (here's a renderering). The whole building will subsequently be renamed as One Raffles Place. I think they're destroying the original building with this. A pity, since Singapore doesn't have a lot of notable and high quality buildings.
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