Fragrance Group’s wholly owned subsidiary Fragrance Victory entered a deal to acquire the Min Yuan Apartments property at 62 Waterloo Street in a collective sale for S$141 million, the company said in a filing to SGX Wednesday.
Fragrance Victory already owns the adjacent land plot at 64 Waterloo Street, and it plans to redevelop the two properties together for a combined hotel development, the filing said.
The Min Yuan Apartments property has a tenure of 999 years, with a land area of 1,359.1 square meters, the filing said, adding redevelopment could yield a potential gross floor area of 5,708.22 square meters, subject to a S$19.55 million development charge.
The combined development will have a total land area of 2,694 square meters and a gross floor area of 11,315 square meters, Fragrance said.
The acquisition and development will be funded via internal funds and borrowings, Fragrance said.
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