Fragrance branching into Commercial, has business dealings with Lee family and DTZ

[carbuncle]

PUBLISHED MAY 15, 2012
Fragrance Group to buy Tower
15 building for $360 mln
BY
KALPANA RASHIWALA
PRINT |EMAIL THIS ARTICLE
Fragrance Group has inked a
deal to buy Tower 15 at Hoe
Chiang Road/Cantonment
Road/Lim Teck Kim Road, for
$360 million or about $1,420
per square foot of gross floor
area based on the 29-storey
freehold development's
existing gross floor area of
253,455 sq ft.
The building - which
incorporates Klapsons The
Boutique Hotel on the second
to fourth levels - is on land
area of 39,336.67 sq ft.
Fragrance is said to be buying
the property from a private
vehicle controlled by the Lee
family that controls listed Ezra
Holdings.
In a filing with the Singapore
Exchange on Tuesday,
Fragrance announced the
purchase price and gave the
land lot numbers of the
properties it was buying but
did not identify the name of
the property or whom it was
buying it from.
"The company is currently
exploring various development
options including a
commercial development with
retail shops and offices or an
integrated development with
retail shops, offices and
residential units. The
development plan is subject to
further changes and the
approval of the relevant
authorities," Fragrance said in
its statement to SGX.

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On Tuesday,
Fragrance Group clinched
Tower 15 at Cantonment Road
for $360 million. The price
works out to about $1,420 psf
of gross floor area (GFA)
based on the 29-storey
freehold building's existing
253,455 sq ft GFA. No
development charge would be
payable for a new project on
the site if it does not exceed
this GFA.
Tower 15 - which incorporates
Klapsons The Boutique Hotel
on the second to fourth levels
- is on land area of 39,336.67
sq ft. Offices are on the fifth
level and upwards. Fragrance
is said to be buying the
property from a private
vehicle controlled by the Lee
family that controls listed Ezra
Holdings.
Fragrance is exploring various
development possibilities,
including a commercial
development with retail shops
and offices or an integrated
development with retail shops,
offices and residential units.
The deal is said to have been
sealed by a private treaty
brokered by DTZ.
Source: Business Times ©
Singapore Press Holdings Ltd.

[smallant]

Ha... Hotel branching into property ... Not seen their projects yet but seem all MM size ... Maybe buy their stocks better than units

[House]

Ha... Hotel branching into property ... Not seen their projects yet but seem all MM size ... Maybe buy their stocks better than units

Their stocks sucks big time. Especially gp hotels. Be very careful if u want to buy.

[smallant]

True ! But I look at fragrance .. Seem stable despite mkt selldown .. Probably supported by bonus issue & dividends.. :-)

[House]

True ! But I look at fragrance .. Seem stable despite mkt selldown .. Probably supported by bonus issue & dividends.. :-)

gp hotels - i got news last min and heng managed to exit with 4 cents profit.:doh: