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.
The sale is in the ordinary course of business of the company, said OUE. Under the agreement, completion of the sale and purchase of the property shall take place on Dec 31, 2019. "The sale price was arrived at after taking into account various factors, including the independent valuation reports by the valuers," said OUE."There is no discount to the average market value of the property."
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