OUE executive chairman buys Nassim Road GCB for $95m

The consideration is 10.1% higher than the property’s average market value of $86.25m.

Property developer OUE Limited's executive chairman and controlling shareholder Stephen Riady is buying a Good Class Bungalow (GCB) for $95m, an announcement revealed.

Also read: 17% of the world's ultra-rich want new homes in Singapore

The company’s subsidiary OUE Reef Development announced that it has entered into a sale-and-purchase with Dr. Riady for a 34,250 sqft (3,192 sqm) building plot and development known as 26A Nassim Road.

The $95m consideration is 10.1% higher than the average market value of the property, which according to independent valuations stands at $86.25m. Cushman & Wakefield and Knight Frank individually valued 26A Nassim Road at $87m and $85.5m, respectively, as of 25 June.

OUE Reef Development first acquired the property in 2016, whilst the group obtained the temporary occupation permit for the property on 6 August.

Riady reportedly paid 60% of the sale price upon signing of the agreement. The remaining balance will be paid between two stages: 25% within 7 days after the property is delivered to the Riady, whilst the final 15% will be given on the date of the transaction’s completion.

The purchase is expected to be completed by 31 December.