Fragrance does not expect the acquisition, which will be funded by internal funds and borrowings, to materially affect the company’s earnings and net tangible assets for FY2019.
Fragrance Group, via its fully-owned subsidiary Fragrance Victory, has acquired Min Yuan Apartments for $141 million.
Located at 62 Waterloo Street, the property has a 999-year tenure and a land area of 1,359.1 sq m with a plot ratio of 4.2. It could yield a gross floor area of 5,708.22 upon redevelopment, subject to the payment of development charge of around $19.55 million.
The company, however, revealed plans to redevelop the property with an adjacent land plot at 64 Waterloo Street for a combined comprehensive hotel development.
Fragrance Victory already owns the land plot at 64 Waterloo Street.
“The combined development will have a total land area of 2,694 sq m and a gross floor area of 11,315 sq m,” it said in an SGX filing.
Fragrance does not expect the acquisition, which will be funded by internal funds and borrowings, to materially affect the company’s earnings and net tangible assets for FY2019.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
