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Thread: Fragrance Group buys NOL building

  1. #1
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    Default Fragrance Group buys NOL building

    Leasing it back to NOL till 2014. Fragrance is getting rich these days! snapping up lands and buildings!

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    Quote Originally Posted by price
    Leasing it back to NOL till 2014. Fragrance is getting rich these days! snapping up lands and buildings!
    More importantly where is NOL moving to after 2014? Jurong Lake District?

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  4. #4
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    Moving to metropolis by ho bee. It is just next to buona vista mrt stn.
    Quote Originally Posted by Ringo33
    More importantly where is NOL moving to after 2014? Jurong Lake District?

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    Quote Originally Posted by Ringo33
    More importantly where is NOL moving to after 2014? Jurong Lake District?
    moving?? if they dun do well in two years maybe there's no more nol..

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    CEO is BG just like MRTC. MRTC CEO must have sleepless night.
    Quote Originally Posted by price
    moving?? if they dun do well in two years maybe there's no more nol..

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    Wonder what fragrance will build there, a hotel?

    According to CNA report

    "The site has a "commercial" zoning and the permitted plot ratio for the area is 2.80."

    Can they build residential units there?

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    IMHO, NOL has made another mistake in selling this.
    The sale is to ease their cashflow, but what is next to them? pay higher rental?

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    Quote Originally Posted by Laguna
    IMHO, NOL has made another mistake in selling this.
    The sale is to ease their cashflow, but what is next to them? pay higher rental?
    -----------------------------------------------------------------------------------------
    From channel newsasia
    http://www.channelnewsasia.com/stori...233507/1/.html


    "Separately, NOL announced a net profit for the September quarter of S$61 million (US$50 million), against a loss of S$111 million a year earlier.

    It said it expects to post a full year loss in the face of weak economic conditions, excess shipping capacity and high fuel prices."


    -------------------------------------------------------------------------------------------

    Maybe that's why have to sell?

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    But I think it is a good move, company should not hold non core assets. The money should be ploughed into expanding the business.

    Anyway NOL is an uninteresting company now, Fragrance looks exciting.

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    Quote Originally Posted by Allthepies
    But I think it is a good move, company should not hold non core assets. The money should be ploughed into expanding the business.

    Anyway NOL is an uninteresting company now, Fragrance looks exciting.
    I think NOL aint selling to expand its business. It's running outta cash!

    Fragrance on the other hand seems pretty rich. Seems like they have no problem getting loans. Plus they were bidding quite aggressively for their 2nd Tanah Merah plot.

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    Default Property Guru Mon, Oct 1, 2012

    by Cheryl Tay

    The sale of the freehold NOL Building (pictured) at Alexandra Road is reportedly being negotiated at a price close to S$400 million, with Far East Organization (FEO), Sim Lian and United Industrial Corporation as the main contenders, according to The Business Times.
    The building was launched for sale in July by its owner, Neptune Orient Lines (NOL) Group and the expression of interest (EOI) closed in August, with around 10 offers.
    Industry watchers reckon that the three parties were shortlisted to partake in the final bid submission.
    The Business Times reported that the highest price attained so far could be as high as S$300 million, still short of the S$400 million indicative price. A market watcher, on the other hand, hinted that the highest bid could be between S$380 million to S$390 million.
    Offering an existing net lettable area (NLA) of 207,505 sq ft, the 26-storey office block sits on a 108,060 sq ft site zoned for commercial use under the 2008 Master Plan.
    The NOL building offers an existing gross floor area (GFA) of 294,500 sq ft, slightly below the maximum 302,568 sq ft allowed for the site, based on its plot ratio of 2.8.
    The winning bidder many redevelop the site to achieve higher NLA from a higher efficiency ratio (ratio of NLA to GFA). Market watchers expect the likely bidders to redevelop the site into a new commercial project and will most probably strata title the space into smaller units.



    Seems like Fragrance's $380m bid has won the heavyweights ??

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    Default Fragrance Group to buy Tower 15 building for $360 mln

    15 May 2012 14:14

    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.

    "The costs of the above acquisition and development will be funded internally and through bank borrowings. This transaction is not expected to have any material impact on the earnings and net tangible assets of the Company in FY2012," it added.

    The deal is understood to have been sealed by private treaty deal brokered by DTZ.

    Source: Business Times Breaking News


    This was just 5 months ago.

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    Fragrance very rich thanks to people like you and me....

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    Quote Originally Posted by carbuncle
    Fragrance very rich thanks to people like you and me....
    yes sifu

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