Overseas Union Enterprise (OUE) has sold its interest in the residential condominium at 21 Angullia Park, also known as the ‘Parisian’, to focus its finances on the development of its other residential property development project, the ‘Grangeford’. The proceeds of the sale will be applied towards the liabilities owed to Standard Chartered Bank to obtain a release of related security and for working capital purposes.

OUE acquired this property in 2006 for US$162.9m and as Rodyk acted on its acquisition, it made sense for OUE to engage Rodyk once again for its sale to China Sonangol Land, a member of the China Sonangol international group of companies. This transaction was not a straightforward sale of real property and it required the expertise of partners from Rodyk’s corporate, real estate and finance teams.

“The real estate market in Singapore has picked up,” said Leong Pat Lynn, real estate partner at Rodyk. The sale of this property also provided OUE with the ideal opportunity to review its financing strategy for its property development business segment as the Parisian requires further funding to complete its development into a luxury condominium.

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