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News - Detailed News Story

Stephen Riady buys GCB from OUE unit for S$95m

16 Aug 2019 09:00

By Janice Heng

PROPERTY developer OUE's executive chairman and controlling shareholder Stephen Riady is buying a good class bungalow at Nassim Road from an OUE subsidiary for S$95 million, OUE announced in a regulatory filing on Wednesday night.

OUE's indirect wholly-owned unit OUE Reef Development has entered a sale and purchase agreement with Dr Riady for the 3,182 sq m plot at 26A Nassim Road and the property on it.

The sale is in its ordinary course of business, said OUE. Completion of the sale and purchase of the property shall take place on Dec 31, 2019.

OUE Reef Development acquired the plot in 2016. The temporary occupation permit for the property which it built was obtained on Aug 6, 2019.


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Source: Business Times
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