Fragrance Group’s subsidiary buys S$15m property at Eastwood Road

Mainboard-listed Fragrance Group said one of its subsidiaries has bought a property at Eastwood Road for S$15 million.

The free hold site has a total land area of some 28,000 square feet.

It is zoned for residential development and has a maximum plot ratio of 1.4.

Fragrance said it plans to develop the land parcel into a residential apartment building. It will fund the acquisition and the development through internal funds and bank borrowings.

The company does not expect the purchase to have any material impact on its earnings and assets for the current financial year.

Source : Channel NewsAsia – 27 Jul 2009

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