Fragrance Group unit acquires 14 Pasir Panjang shop houses for $23m, Telok Kurau land for $36.5m

Fragrance Ventures, a unit of Fragrance hotel and property group, has acquired 14 two-storey shop houses located at Pasir Panjang Road for $23 million.

The row of shop houses sits on a freehold land with a total area of 2,055.9 sq m. The land is zoned “Commercial & Residential” with a maximum plot ratio of 3.

Fragrance Group says the acquisition will be funded by internal funds and bank borrowings.

This transaction is not expected to have any material impact on the earnings and net tangible assets of the company in FY2009.

Meanwhile, Fragrance Realty, a unit of Fragrance Group, has acquired the property known as Lots 05400M, 05401W and 05402V MK26 located at Telok
Kurau Road, Singapore for $36.5 million.

Fragrance Group says it intends to develop the land into a five-storey mixed development comprising of commercial shops and residential apartments.

The development land has a freehold tenure and has a total land area of 4,452.9 square meters and can yield a maximum permissible gross floor area of 8,720.14 square meters.

The costs of the above acquistion and development will be financed by internal funds and bank borrowings.

Fragrance Group says it will commence the construction and sale of this development during second half of FY2009.

Source : The Edge – 27 Jul 2009

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