OUE reveals somebody wants to buy One Raffles Place Tower 2 for $2,600pf

Is the management biting the purchase offer?

According to MayBank KimEng analyst Ong Kian Lin which attended Oversearseas Union Enterprise analyst 2Q12 results briefing on 8 Aug 2012, Management pointed out that it has received purchase offers for ORP T2 at SGD2,600 psf but it is unlikely to accept as it is deemed below its reservation price.

The analyst did not elaborate further.

Meanwhile, OUE reported that committed occupancy to date is 60%, up from previous 55% and 42% in 1Q12 and 4Q1,1 respectively with asking rents of SGD9-10 psf/mth.

Management also pointed out that it prefers to lease out the whole floor (floor plate size of ~11k sqf) to tenants, rather than subdividing smaller sizes.

“OUE is in talks with potential tenants to take up another 4-6 floors or ~59k sqft, which will likely push up occupancy from 60% to 80%,” it said.

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