OUE successfully tenders Nassim land parcels

By Tan Chee Yuen / OUE Limited | August 19, 2016 9:00 AM SGT
OUE Limited has successfully tendered for two sites located at 28 Nassim Road at a bid price of $56.6 million. The acquisition which was conducted through its subsidiary, OUE Reef Development is expected to take place in late October and will be funded out of the company’s internal resources.
The land parcels are located along Nassim Road within the approved White House Park/Nassim Road Conservation Area. They are adjacent to Eden Hall which is the residence of the British High Commissioner and occupy an area of around 33,368 sq ft.
The acquisition is not expected to have any material impact on the net tangible assets per share or earnings per share of the company for the current financial year ending December, according to OUE.