20th September, Thursday
Investment Sales
Mandarin Orchard, Gallery attract buyer Source: The Straits Times Overseas Union Enterprise, the Lippo Group's Singapore property arm, has been approached by a potential buyer to purchase an Orchard Road hotel and mall, valued at $1.7 billion. OUE has offered a potential buyer exclusivity to conduct preliminary due diligence on Mandarin Orchard Singapore, the 1,051-room hotel, and Mandarin Gallery, the company said in a statement to the Singapore Exchange. The two properties were valued at $1.7 billion last year, according to the company's annual report. OUE added that "no firm decision has been taken and no definitive agreement has been entered".
Links to the story: http://www.straitstimes.com/st/print/487768 http://www.businesstimes.com.sg/print/237114 http://www.channelnewsasia.com/stories/singaporebusinessnews/print/1226887/1/.html
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