Saudi group tipped as buyer of ex-Chevron House retail, banking units

Singapore

AN ENTITY linked to Saudi Arabia-based Olayan Group is understood to be the party that entered into an expression of interest (EOI) last month to buy the retail podium and the three lowest office floors at 30 Raffles Place, formerly known as Chevron House, for S$315 million.

Olayan Group is a private multinational enterprise set up in 1947 by Suliman Saleh Olayan. It is involved in a gamut of sectors including automotive, industrial equipment and services, construction-related businesses, fast-moving consumer goods, food franchising and investment and real estate, according to information on its website.