Mainboard-listed property developer Fragrance Group has announced that its wholly-owned subsidiary, Fragrance Realty Ltd, has inked a deal to purchase a land parcel at Geylang Road for about $31.55 million.

The land site has a total land area of approximately 1,681.2 sq m and can yield a maximum gross floor area of around 5,043.60 sq m.

The company said it intends to develop the site into a residential and commercial building.

It added that the cost of acquisition was funded by internal funds and bank borrowings.