Fragrance buys property at Changi Road

Singapore Exchange’s Mainboard-listed Fragrance Group said one of its subsidiaries plans to buy a property at Changi Road for S$33.5 million.

The freehold property has a land area of 28,500 square feet. It can yield a maximum permissible gross floor area of around 60,000 square feet.

Fragrance said it plans to develop the land into a five-storey mixed development comprising commercial space and residential apartments.

It will fund the acquisition and development through internal funds and bank borrowings.

Construction of the project is expected to start in the second half of the financial year.

Source : Channel NewsAsia – 7 Aug 2009

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