OUE acquiring two land parcels at Nassim Road after successful tender

PROPERTY developer OUE Limited is acquiring two land parcels within Singapore's most exclusive Good Class Bungalow enclave for S$56.6 million.

In an announcement on Thursday evening, it said that it has successfully tendered for the two land parcels totalling 3,100 square metres at 28 Nassim Road, which are adjacent to Eden Hall, the residence of the British High Commissioner.

The bid price was arrived at after taking into account factors including the location of the land parcels and the prevailing market value of properties in the vicinity, it added.

The acquisition is expected to take place in late October and will be funded out of its internal resources.