URA awards Woodlands site to Fragrance-Aspial consortium

The Urban Redevelopment Authority (URA) has awarded the tender for a residential site at Woodlands Avenue 2/Rosewood Drive to joint bidders Fragrance Group and Aspial Corporation.

The consortium submitted the highest bid of about S$151.5 million, which translates to around S$3,952 per square metre.

The plot has a site area of 27,380 square metres, and a maximum gross floor area of about 38,330 square metres.

The tender for the residential site was launched on April 26 and closed on June 7.

The land parcel was offered for sale on a 99-year lease.

Meanwhile in a filing to the Singapore Exchange, Fragrance and Aspial said they have incorporated a special purpose company, called Kensington Land, to jointly develop the project.

Fragrance and Aspial will each hold a 60 per cent and 40 per cent shareholding interest respectively in the special purpose company.

Source : Channel NewsAsia – 10 Jun 2011

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