SINGAPORE (May 18): Property developer Fragrance Group has entered into a contract to acquire a property with a combined land area of approximate 4,868 sq m in Hobart, Tasmania, Australia, for an undisclosed consideration sum.

Occupying the corner of Sandy Bay Road and Wilmot Street while reaching back to Heathfield Avenue, the property specifically spans 5-7 Sandy Bay Road; 9, 11 & 13 Wilmot Street; and 4, 6 & 8 Heathfield Avenue, says the group in a Thursday announcement.

For purposes of the acquisition, the group has incorporated a wholly-owned subsidiary, Fragrance Tas-Hobart (Sandy Bay) Pty Ltd, which is principally engaged in the activity of a property investment company and has an initial paid-up capital of A$1 million ($1.03 million).

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