Fragrance Group upbeat on Singapore property market bags Eunos Mansion en bloc

Fragrance Treasures Pte Ltd, a wholly owned subsidiary Fragrance Group Limited, has entered into a collective sales and purchase agreement to acquire Eunos Mansion at $220 million. The property is located at 205 Jalan Eunos Singapore 419535 marked as Lot No. MK23-2643K.

The collective sales price translates into S$1,118 per plot ratio, inclusive of a 10 per cent bonus balcony. There will be no development charge payable due to its high development baseline.

Eunos Mansion is a freehold condominium with a land area of 111,735 square feet zoned for Residential use with a plot ratio of 1.6. Under the building height control, the  building is limited at 12-storey under URA Master Plan 2014. The collective sales of Eunos Mansion shall be subjected to various terms and conditions inter alia the vendors obtaining an Order from the Strata Titles Board or the High Court under the Land Titles (Strata) Act to approve the collective sale of all units.

Each unit is expected to receive between S$1.48 million to S$2.19 million, while the penthouses will receive S$3.55 million and S$4.7 million, respectively.

Fragrance Treasures intends to redevelop Eunos Mansion into a full facilities condominium development with maximum permissible Gross Floor Area of 196,654 sq ft (including 10% balcony area).

The costs of the above acquisition and cost of development will be funded through internal funds and borrowings. This transaction is not expected to have any material impact on the earnings and net tangible assets of the Company in FY2018.

None of the Directors nor Substantial Shareholders of the Company has any interest, direct or indirect, in the above-mentioned transaction, other than their indirect interest by virtue of their shareholding in the Company.

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