Fragrance Group Limited, through its wholly-owned subsidiary, Fragrance Properties Ltd, has agreed to purchase a site at Upper Paya Lebar Road for approximately S$28 million.

The freehold property site, which currently houses old apartment blocks, has a total land area of 3,173.6 sq m with a gross plot ratio of 1.4. It is zoned for ‘Residential’ use and could potentially yield a maximum GFA of 4,887.34 sq m, including an additional 10 percent GFA for a balcony.

The group said the cost of acquisition and development will be financed through internal funds and bank borrowings.