Fragrance Group and World Class Land (WCL), the property development subsidiary of Aspial Corporation announced the incorporation of a special purpose company — Bayfront Ventures — on Tuesday.
This is in conjunction with the proposed acquisition of Keypoint for S$360 million from British and Malayan Trustees, the trustee of Frasers Commercial Trust.
Keypoint is a 25-storey commercial development located at the junction of Beach Road and Jalan Sultan.
Both Fragrance Group and WCL will each own a 50 per cent stake in the special purpose company.
In a statement, WCL said Keypoint has a leasehold tenure of 99 years that commenced 6 January 1976, and comes with a land area of 7,268.9 square metres.
The site is zoned “Commercial”, and can potentially yield a commercial gross floor area of about 426,421 square feet.
WCL added that Bayfront Venture plans to redevelop the site, subject to obtaining necessary approvals from the relevant authorities.
The redevelopment options considered include a commercial project with retail shops and offices, or an integrated development comprising retail shops, offices and residential units.
The proposed acquisition is subject to consent from relevant stakeholders.
Fragrance Group and WCL have previously worked on the Parc Rosewood condominium project.
Source : Channel NewsAsia – 24 Apr 2012