Fragrance Group Ltd. agreed to buy the Min Yuan Apartments at 62 Waterloo St. in Singapore for S$141.0 million.
The Singapore-listed property company is buying the property through its Fragrance Victory Pte. Ltd. subsidiary, according to a Sept. 4 release.
Min Yuan Apartments occupies a 1,359.1-square-meter land with a 999-year tenure and a 4.2 plot ratio. A redevelopment of the property could yield a gross floor area of up to 5,708.22 square meters, subject to payment of a development charge of approximately S$19.6 million at the prevailing rate.
The acquisition of the property will be funded through a combination of internal funds and borrowings. The transaction's completion is subject to various conditions, including approval from the High Court's Strata Titles Board.
As of Sept. 4, US$1 was equivalent to S$1.38.
