http://www.businesstimes.com.sg/sub/...32740,00.html?
Published March 23, 2012
Fragrance, Aspial buy Upp Paya Lebar site
By LYNETTE KHOO
ASPIAL Corporation and Fragrance Group have joined hands to make a collective purchase of a freehold residential and commercial redevelopment site in the Upper Paya Lebar area for $161.1 million.
Both companies said yesterday that they have incorporated a special-purpose company called Kensington Village Pte Ltd, where Fragrance holds six ordinary shares while Aspial subsidiary World Class Land Pte Ltd holds the other four ordinary shares.
Kensington Village had submitted a tender bid for a collective purchase of all units and common property at Tai Keng Court for $161.1 million. The vendors of the property had duly accepted the bid in a letter of acceptance dated March 22.
Tai Keng Court has a freehold tenure with a land area of 9,643.2 square metres.
Aspial and Fragrance said there is a possibility of acquiring adjoining remnant state land with an approximate land area of 463.4 sq m, subject to approval from the relevant authority.
These sites are zoned for commercial and residential use with a plot ratio of 1.4 and can potentially yield a gross floor area of approximately 152,302 square feet.
Aspial and Fragrance said they intended to re-develop the sites subject to obtaining all the necessary approvals from the relevant authorities.
The costs of the 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 Aspial or Fragrance in fiscal 2012.
This is not the first time that Fragrance and Aspial have joined hands for property projects.
Fragrance is a residential and commercial developer controlled by the Koh family that is also behind Aspial, which is better known for its jewellery brands.
In June last year, both companies also won the tender for a site at Woodlands Avenue 2-Rosewood Drive with a top bid of $151.5 million, or $367 per square foot per plot ratio.
