SINGAPORE: Mainboard-listed Fragrance Group said one of its units has bought a property at Telok Kurau for S$36.5 million.
The freehold land parcel has a total site area of nearly 48,000 square feet. It can yield a maximum permissible gross floor area of some 93,000 square feet.
Fragrance said it plans to turn the site into a five-storey mixed development, comprising commercial shops and residential apartments.
It will fund the purchase and development through internal funds and bank borrowings.
The firm said it plans to start the construction and sale of the project in the second half of the financial year.
Depending on the number of units sold and the progress of construction, Fragrance said the development would contribute to the firm's earnings in the current financial year and beyond.
Source: Channel News Asia, 24 July 2009