OUE buys 2 land parcels in Nassim Road for $56.6m

The two sites clinched by OUE are in the approved White House Park-Nassim Road conservation area and adjacent to Eden Hall (left), the official residence of the British High Commissioner and a conservation bungalow.
The two sites clinched by OUE are in the approved White House Park-Nassim Road conservation area and adjacent to Eden Hall (left), the official residence of the British High Commissioner and a conservation bungalow.ST FILE PHOTO

Developer OUE has clinched two prime sites in Nassim Road at a bid price of about $56.6 million, said the firm last night.

OUE said the freehold land parcels, which make up about 33,300 sq ft and are owned by the British government, are both at 28 Nassim Road. Nassim is one of Singapore's most exclusive good class bungalow enclaves.

They are also in the approved White House Park-Nassim Road conservation area and adjacent to Eden Hall, the official residence of the British High Commissioner and a conservation bungalow.

The Eden Hall site was originally more than 200,000 sq ft but Britain sold a 109,000 sq ft portion in April 2001 to motoring tycoon Peter Kwee and "Popiah King" Sam Goi, who jointly paid $50.4 million.

They then split the land and Mr Goi's 45,754 sq ft portion was named 28G Nassim Road.

Mr Kwee took the larger part of about 63,300 sq ft and later sold 39,383 sq ft to Ms Oei Siu Hoa, a member of Indonesia's Widjaja family and sister of businessman Oei Hong Leong, for $25.5 million in 2003. It is now 28M Nassim Road.

Mr Kwee sold the other 23,922 sq ft plot to former Sincere Watch chairman Tay Liam Wee for $47.84 million in 2012. Mr Tay is expected to build a bungalow on the site.

The British government tried to sell the latest two plots last November but there were no takers.

Guide prices for the land were slashed by about 20 per cent after being relaunched for sale in June, this time attracting OUE.

Land for good class bungalows in the Nassim Road area is tightly held and rarely available for sale.

OUE said: "The bid price was arrived at after taking into account various factors, including the exclusive location of the land parcels and the prevailing market value of properties in the Nassim vicinity."

The acquisition by its OUE Reef Development unit should be completed by late October and will be funded by internal OUE resources.

OUE added that the acquisition is not expected to have any material impact on the net tangible assets per share, or earnings per share of the firm for the financial year ending Dec 31.

A version of this article appeared in the print edition of The Straits Times on August 19, 2016, with the headline 'OUE buys 2 land parcels in Nassim Road for $56.6m'. Print Edition | Subscribe