OEL eyeing steady cashflow from $53.9m property foray

OEL Holdings, formerly known as Oakwell Engineering Ltd, is looking to venture into the property sector by acquiring two property investment firms that will give it ownership of some space at mixed- used developments Southbank and Dakota Residences.

The group announced yesterday that it had entered into a conditional and binding heads of agreement with Hong Kong-listed Heng Fai Enterprises to acquire two of its property investment firms for $53.9 million.

The firms collectively own one retail and 27 small-office-home-office units in Southbank, totalling 28,733 square feet of space, and seven units in Dakota Residences, with 12,852 sq ft of space. These units in the two 99-year le…