http://www.straitstimes.com/archive/...t-28m-20130309

Fragrance gives its boss option to buy shop unit for $2.8m

Published on Mar 09, 2013


FRAGRANCE Group's executive chairman has been granted an option to buy a shop unit at the firm's mixed-development project in Pasir Panjang.

The company told the Singapore Exchange yesterday that Mr Koh Wee Meng, who is also the firm's chief executive, can buy a 431 sq ft shop at the freehold Icon @ Pasir Panjang.

The sale price of $6,500 psf for the unit translates to a total quantum of $2.8 million.

The firm said this is the price originally listed and no discount has been offered to Mr Koh.

Icon @ Pasir Panjang consists of a row of conserved shophouses fronting a new five-storey block of 26 shops, five restaurants and 18 apartments. It is expected to get its temporary occupation permit in 2016.

Fragrance Group said its audit committee and board had reviewed the transaction and were satisfied that the terms were fair and reasonable.

The option to purchase was granted by Fragrance Group unit Fragrance Realty to JK Assets, of which Mr Koh is a director and shareholder.

Fragrance is also involved in developing Urban Vista at Tanah Merah with World Class Land.

The project, which will have 582 homes and three commercial shop units, is expected to go on the market later this month.

Fragrance also put in the top bid of $11.4 million for a 11,606 sq m food and beverage site at Punggol Point last month. The land is on a 15-year lease.

Fragrance Realty plans to redevelop Novena Ville, which it acquired for $131.5 million via a tender bid in May last year.

The 4,746 sq m freehold site is zoned for residential use with commercial units on the first storey.

Fragrance Group last month posted a 23.6 per cent increase in net profit to $101.6 million for the 12 months ended Dec 31 last year.

Turnover rose 35.9 per cent to $419.6 million from the preceding year.

MELISSA TAN