OUE confirms buyer interest in Mandarin hotel and gallery

Singapore-listed property developer Overseas Union Enterprise (OUE) said it has been approached by some potential buyers for its Mandarin Orchard Singapore hotel and the adjoining Mandarin Gallery mall.

In a filing on the Singapore Exchange on Wednesday, OUE said it has offered an unnamed potential buyer exclusivity to conduct preliminary due diligence on the two properties.

The developer added that it is uncertain if any transaction will be concluded at this stage.

According to media reports, Mandarin Orchard Singapore was valued at S$1.18 billion, while Mandarin Gallery was valued at S$520 million as at the end of 2011.

Reports of the potential sale sent OUE’s share price up by some 10 per cent on Wednesday morning to its highest level in over a year.

Source : Channel NewsAsia – 19 Sep 2012