OUE acquires two Nassim prime sites for $56.6m

Combined site size is a whopping 33,000 sq ft.

Property developer OUE Limited has successfully secured acquisition of two land parcels at Nassim Road.

The group clinched the British-owned sites, which make up about 33,000 sq. ft., for $56.6 million.

The bid price was arrived at after taking into consideration various factors such as the location and the prevailing market value of properties in the area.

The two plots are located within the Good Glass Bungalow area of White House Park and Nassim road. The two plots are adjacent to Eden Hall, the official residence of the British High Commissioner.

A KGI Fraser report has put OUE on its stock watchlist after the said acquisition.

While OUE is looking forward to redeveloping the sites, the group clarified that the said acquisition is not expected to have any material impact on its net tangible assets per share or its earnings per share for the current financial year.