Fragrance Properties to buy S$28m site

Fragrance Properties, the property development unit of Fragrance Group, is acquiring a site at Upper Paya Lebar Road for S$28 million.

Known as MK23 Lot 03331T, the site currently houses a block of old apartments.

The freehold site is zoned for residential development.

It has a total land area of 3,173.6 square metres and has a maximum gross plot ratio of 1.4.

The land can yield a maximum permissable gross floor area of 4.887.34 square metres, including an additional 10 per cent balcony space.

Pending approval, Fragrance Properties intends to develop a residential apartment building on the site.

It intends to finance the acquisition and development through internal funds and bank loans.

The transaction is not expected to have any material impact on the company’s earnings and net tangible assets for the current financial year.

Source : Channel NewsAsia – 15 Nov 2010

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