Fragrance Group bought Min Yuan Apartments for $141m

The company is seeking to redevelop the land with an adjacent plot to a hotel.

Property developer Fragrance Group’s subsidiary Fragrance Victory has acquired Min Yuan Apartments at the price of $141m, according to an announcement.

Following the collective sales and purchase agreement, the group expressed intent to redevelop the property with an adjacent land plot for a combined comprehensive hotel development.

Also read: Fragrance Group to buy back up to $30m of its $100m notes

Located in Waterloo Street, the property has a tenure of 999 years and contains a land area of 1,359.1 square meters at a plot ratio of 4.2. It may yield a gross floor area of 5,708.22 sqm upon redevelopment, subject to payment of development charge of about $19.55m.

The planned combined development will have a total land area of 2,694 square meters and a gross floor area of 11,315 square meters.

Photo from CBRE