SINGAPORE (Mar 9): Fragrance Group, through its wholly-owned subsidiary Fragrance Treasures, has entered into a collective sale and purchase agreement to acquire Eunos Mansion condominium for $220 million.

The freehold property, which sits on a land area of approximately 111,735 sq ft at 205 Jalan Eunos, is zoned for “residential” use at a plot ratio of 1.6.

Fragrance Treasures intends to redevelop the property into a condominium development with full suite of facilities.

The costs of the acquisition and development will be funded through internal funds and borrowings.

See: Even as property market stirs, Fragrance’s Koh sees little value in current land prices

Subject to a building height control of up 12 storeys, the property could be redeveloped to yield a potential gross floor area (GFA) of 196,654 sq ft with no additional development charge payable.

The agreement is subject to various terms and conditions, including the receipt of approval from the Strata Titles Board or the High Court for the collective sale of all units in the property.

Fragrance Group says the transaction is not expected to have any material impact on its earnings and net tangible assets in FY18.

Shares of Fragrance closed 0.2 cent down at 15.6 cents on Friday.