Fragrance Group, together with Aspial Corporation have jointly acquired Tai Keng Court for S$161.11 million.
In a statement released Thursday, Fragrance Group said it incorporated a special purpose company with Aspial Corporation known as Kensington Village Pte Ltd to acquire Tai Keng Court through a collective sale tender.
Fragrance Group said the vendors of Tai Keng Court have accepted the tender bid via a letter of acceptance dated March 22, 2012.
The Property has a freehold tenure with a land area of 9,643.20 square metres and is zoned for “Commercial & Residential” with a plot ratio of 1.4.
The acquisition is subject to various terms and conditions.
Fragrance Group said the costs of the acquisition and development will be funded internally and through bank borrowings.
It added that the transaction is not expected to have any material impact on the earnings and net tangible assets of the company in FY2012.
Source : Channel NewsAsia – 22 Mar 2012