View of the Nassim Road GCB plots. (Photo: CBRE)
Property developer OUE Limited is going ahead with plans to acquire two land parcels at 28 Nassim Road for $56.6 million, after successfully tendering for the sites on 18 August.
Located within the prestigious Good Class Bungalow (GCB) area of White House Park and Nassim Road, the sites have a combined area of about 33,368 sq ft and are adjacent to Eden Hall, the official residence of the British High Commissioner.
OUE is looking to redevelop the sites. In an SGX filing, the company revealed that the bid price was arrived at after taking into account various factors, such as the exclusive location and the prevailing market value of properties in the area.
The acquisition is expected to take place in late October and will be funded out of the company’s internal resources.
OUE does not expect the acquisition to have any material impact on the company’s net tangible assets per share or earnings per share for the current financial year ending 31 December 2016.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
