{"id":109912,"date":"2019-08-15T10:52:00","date_gmt":"2019-08-15T03:52:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/stephen-riady-acquires-nassim-road-gcb-from-oue-unit-for-95mil\/"},"modified":"2019-08-15T11:03:27","modified_gmt":"2019-08-15T04:03:27","slug":"stephen-riady-acquires-nassim-road-gcb-from-oue-unit-for-95mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/stephen-riady-acquires-nassim-road-gcb-from-oue-unit-for-95mil\/","title":{"rendered":"Stephen Riady acquires Nassim Road GCB from OUE unit for $95mil \u00a0"},"content":{"rendered":"


\nStephen Riady, the executive chairman and controlling shareholder of OUE Limited, is purchasing a good class bungalow (GCB) at Nassim Road from an OUE unit for $95 million, revealed OUE in an SGX filing on Wednesday (14 August).
\nOUE Reef Development, an indirect fully-owned subsidiary of OUE, has entered into a sale and purchase agreement with Dr Riady for the sale of a 3,182 sq m lot at Nassim Road, including the property built on the land.
\nThe property developer noted that the sale is made \u201cin the ordinary course of business of the group\u201d.
\nOUE Reef Development bought the Nassim Road land in 2016. It then developed the lot, with the temporary occupation permit for the GCB obtained on 6 August 2019.
\nUsing the comparable sale method, Cushman & Wakefield VHS valued the property \u2013 on the basis of market value \u2013 at $87 million, while Knight Frank valued it at $85.5 million using the direct comparison method.
\nBased on the property\u2019s independent valuations, the average market value is about $86.25 million. As such, the $95 million consideration is 10.1 percent higher than the average market value.
\nThe company\u2019s audit committee is \u201cof the view that the terms and conditions of the transaction are fair and reasonable, on normal commercial terms, and are not prejudicial to the interests of the company and its minority shareholders\u201d.
\nAnd since Dr Riady is an interested person, he has recused (and will continue to recuse) himself from the decision making of the Board in relation to the transaction.
\nDr Riady has a deemed interest in around 68.65 percent of OUE\u2019s issued shares (excluding treasury shares).
\nOUE does not expect the transaction to materially affect the group\u2019s net tangible assets or the earnings per share for the financial year ending 31 December 2019.
\nLooking to buy a Singapore home but not sure where to start? Get insight on the best locations for your new home with our\u00a0AreaInsider\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Stephen Riady acquires Nassim Road GCB from OUE unit for mil \u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Stephen Riady, the executive chairman and controlling shareholder of OUE Limited, is purchasing a good...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-109912","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sAM","jetpack-related-posts":[{"id":23335,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-acquires-nassim-sites\/","url_meta":{"origin":109912,"position":0},"title":"OUE acquires Nassim sites","date":"August 19, 2016","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71026,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-revenue-down-56-6-in-q3-2017\/","url_meta":{"origin":109912,"position":1},"title":"OUE revenue down 56.6% in Q3 2017","date":"November 6, 2017","format":false,"excerpt":"\r Oakwood Premier OUE Singapore is a 268-unit luxury serviced apartment, located in the heart of Singapore. Mainboard-listed OUE Limited saw its revenue for the third quarter of 2017 drop 56.6 percent to $182 million, due to the absence of $205.0 million non-recurring revenue registered on the sale of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107083,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oue-profit-up-0-3-in-q1-2019\/","url_meta":{"origin":109912,"position":2},"title":"OUE Profit Up 0.3% In Q1 2019","date":"May 13, 2019","format":false,"excerpt":"\r Its development property division contributed $7.2 million in revenue, due to the completion of certain OUE Twin Peaks units sold under deferred payment schemes. Mainboard-listed OUE\u2019s profit for the first quarter of 2019 increased 0.3 percent year-on-year to $1 million, while revenue rose 1.2 percent year-on-year to $147.3 million.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nassim-road-gcb-for-sale-for-175m\/","url_meta":{"origin":109912,"position":3},"title":"Nassim Road GCB for sale for $175m","date":"October 17, 2019","format":false,"excerpt":"\r The two-storey bungalow has a total floor area of about 13,839 sq ft and\u00a0is a mere five-minute walk to the Botanic Gardens, and is a 10 minutes\u2019 drive to the CBD. Image source: CBRE A two-storey conservation good class bungalow (GCB) at 40 Nassim Road has been put up\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28425,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-sector-dominates-property-investment-sales-in-q3\/","url_meta":{"origin":109912,"position":4},"title":"Residential sector dominates property investment sales in Q3","date":"October 4, 2016","format":false,"excerpt":"\r Landed home sales, especially large bungalow transactions, contributed significantly to property investment deals last quarter, research shows. Real estate investment sales in Singapore jumped 16 percent year-on-year to $4.61 billion in the third quarter of 2016 from $3.99 billion a year before, according to preliminary estimates from JLL. The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-caution-exercised-in-bidding-activity\/","url_meta":{"origin":109912,"position":5},"title":"More caution exercised in bidding activity","date":"November 22, 2016","format":false,"excerpt":"\r Developers have shifted their focus to the private market, with Roxy-Pacific signing a $33.25 million deal for Harbour View Gardens. (Photo: Colliers International) Edmund Tie & Co believes property developers are becoming more cautious with bidding in government land sales (GLS) exercises, resulting in the clustering of bids within\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109912"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=109912"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/109912\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=109912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=109912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=109912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}