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Fragrance Group posts 38% rise in sales to $57.7m in Q3

Posted on 15 Oct 2009 | Comments Off

Fragrance hotel and property group says it recorded a turnover of $57.7 million in the Third Quarter of 2009, a 37.9% increase from $41.83 million recorded in the corresponding period in 2008.

The property sector contributed $48.79 million or 84.6% of the consolidated revenue. This is an increase of about 51.1% from the $32.28 million contribution in the third quarter of 2008. Fragrance says major contributor to revenue in the third quarter 2009 included Parc Imperial, a condominium project with 138 units, Imperial Heights, City Regency and the landed housing projects at Wak Hassan Drive (8 units) & Penaga Place (18 units).

The hotel sector contributed $8.91 million or 15.4% to the total consolidated turnover. This represents a decrease of 6.7% from the $9.55 million in the corresponding period of 2008. This was mainly due to lower occupancy and room rates at existing hotels although these were partly offset by the revenue contributed by two new hotels that started operations after third quarter 2008. Continue reading →

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Posted in Developers, General

Tagged City Regency, Fragrance Group, Fragrance hotel, Imperial Heights, Parc Imperial, Penaga Place, Singapore Hotel, Wak Hassan Drive

Fragrance unit buys Sembawang site

Posted on 11 Sep 2009 | Comments Off

FRAGRANCE Group continues to buy land. It said yesterday that its fully owned subsidiary Fragrance Homes has bought a site at Kerong Lane, in the Sembawang area, for $7.5 million.

The price works out to $238 per square foot for the 31,464 sq ft plot. The 99-year leasehold site is for landed housing and can yield 15 three-storey terrace houses with attics.

‘The acquisition is subject to the seller obtaining the necessary approval from the Urban Redevelopment Authority,’ Fragrance said yesterday. An industry observer said the site could be one sold by the URA in the past. It is in a location where URA has auctioned sub-divided landed-housing plots.

In April last year, the authority auctioned 11 plots at an average price of $223 psf. At that auction, Fragrance picked up four plots that can be developed into eight semi-detached houses and 40 terrace houses.

Market watchers say the group has bought more than $100 million of property in the past few months. Its purchases include the Premier Centre
office block in the Beach Road area, development land at Telok Kurau, a site in Changi Road and a row of shophouses at Pasir Panjang.

Fragrance Group posted an 11.4 per cent year-on-year increase in net profit for the second quarter ended June 30 to $17.7 million. Turnover rose 33.1 per cent to $79.5 million.

Source : Business Times – 11th Sep 2009