OUE sells hotel and serviced residence businesses for $289m

Both components will be bought by DHI Holding.

OUE has signed deals to divest its 268-room hotel and serviced residences OUE Downtown Serviced Apartments for a total purchase consideration of $289m, according to an exchange filing.

Alkas Realty, an indirect wholly-owned subsidiary of the firm, will sell its luxury serviced residences Oakwood Premier OUE Singapore to DHI Holding (S) for $287m, including all plant, machinery and equipment located in the property.

Meanwhile, the second sale involves group’s direct wholly-owned subsidiary OUE Downtown (OUEDTPL) that will divest its hotel component and assets to DHI Downtown for $1.9m.

OUE assured that both transactions are not expected to have a material effect on the net tangible assets or earnings per share for the financial year ending 31 December.

Before the two deals, OUE attempted to sell its serviced apartments to OUE Hospitality Trust (OUE H-Trust). The latter firm refused as “acquiring Oakwood Premier OUE Singapore based on the proposed terms would not be accretive to OUE CREIT’s distribution per unit.”

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia