SINGAPORE (Sept 4): Fragrance Group is acquiring Min Yuan Apartments, through its wholly-owned subsidiary Fragrance Victory, for $141 million.
Located at 62 Waterloo Street, Min Yuan Apartments has a tenure of 999 years a land area of 1,359 sqm with a plot ratio of 4.2.
With redevelopment, Fragrance said the property could potentially yield a gross floor area (GFA) of 5,708 sqm, subject to the payment of a development charge of $19.55 million.
Min Yuan Apartments is also adjacent to the plot of land already owned by Fragrance Victory at 64 Waterloo Street.
Fragrance intends to redevelop both properties into a hotel development with a total land area of 2,694 sqm and a GFA of 11,315 sqm, subject to obtaining the necessary approvals from the relevant authorities.
The acquisition and development of the hotel will be funded through internal funds and borrowings, the group added.
Shares in Fragrance closed 0.1 cent higher at 13 cents on Wednesday prior to the announcement.
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