Bookmark & Share
Managed by Oakwood Worldwide (Asia), OUE Downtown Serviced Apartments features 268 rooms and is the hotel and serviced residences portion of the redeveloped OUE Downtown.
OUE Limited, via its indirect fully-owned subsidiary Alkas Realty, has agreed to sell OUE Downtown Serviced Apartments to DHI Holding (S) for $287.094 million.
The company has also agreed, via its direct fully-owned subsidiary OUE Downtown Pte Ltd (OUEDTPL), to sell the business along with the assets carried on at the property to DHI Downtown for $1.906 million.
“The business purchase consideration had been negotiated on a willing-buyer and willing-seller basis, after taking into account inter alia, the book value of the business and assets,” revealed OUE in an SGX filing.
“The business sale and purchase agreement (SPA) completion is also conditional upon and subject to the concurrent occurrence of the property SPA completion,” it added.
The sale of OUE Downtown Serviced Apartments was first offered to the trustee of OUE Hospitality Sub-Trust and the trustee-manager of OUE Hospitality Business Trust, in compliance with a right of first refusal agreement, but the two declined.
Managed by Oakwood Worldwide (Asia), OUE Downtown Serviced Apartments features 268 rooms and is the hotel and serviced residences portion of the redeveloped OUE Downtown. The award-winning luxury hotel and serviced residences occupies the 7th to 32nd level of OUE Downtown 1, which is located in the heart of Singapore’s central business district.
OUE does not expect the proposed transactions to materially affect “the net tangible assets or earnings per share of the group for the financial year ending 31 December 2019”.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg