OUE to sell Oakwood serviced residences for S$289m

Singapore

PROPERTY developer OUE has inked agreements to sell Oakwood Premier OUE Singapore, its luxury serviced residences and hotel business in Shenton Way, for S$289 million.

The buyers are joint venture firms formed by Hong Kong financial services firm AMTD Group and hotel operator Dorsett Hospitality International. Dorsett is wholly owned by Hong Kong-listed property giant Far East Consortium International (FEC).

Oakwood Premier is the hotel and serviced residences component of the redeveloped OUE Downtown complex in Singapore's central business district. It has 268 rooms, two dining facilities and other amenities, occupying levels 7 to 32 of OUE Downtown 1. Total gross floor area spans 25,054 square metres (sq m), while…