Singapore’s OUE to sell apartment assets

OUE Ltd., a Singapore-based diversified property developer, has agreed to sell the hotel and serviced residences component of OUE Downtown, one of its redeveloped investment properties, for S$289 million ($210 million).

The buyer is a joint venture comprised of Hong Kong Financial services firm AMTD Group and hotel operator Dorsett Hospitality International, a subsidiary of the Far East Consortium International (FEC).

Oakwood Premier OUE Singapore is a 268-room, award-winning luxury hotel and serviced residences provider, which occupies the seventh to 32nd stories of OUE Downtown 1 in the heart of Singapore’s CBD.

OUE Downtown Serviced Apartments is managed by Oakwood Worldwide (Asia).

OUE develops and manages assets across the commercial, hospitality, retail, residential and healthcare sectors. It uses a core strategy to invest in and enhance a stable of distinctive properties, according to the company.