{"id":101290,"date":"2018-11-15T12:35:24","date_gmt":"2018-11-15T05:35:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/fragrance-group-subsidiary-buys-waterloo-apartments-for-131-1m\/"},"modified":"2018-11-15T13:02:49","modified_gmt":"2018-11-15T06:02:49","slug":"fragrance-group-subsidiary-buys-waterloo-apartments-for-131-1m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fragrance-group-subsidiary-buys-waterloo-apartments-for-131-1m\/","title":{"rendered":"Fragrance Group subsidiary buys Waterloo Apartments for $131.1m"},"content":{"rendered":"


\nFragrance Group plans to develop the 14,369 sq ft site into a hotel. (Photo: Cushman & Wakefield)
\nWaterloo Apartments, a 30-unit residential development at 64 Waterloo Street within the Bras Basah\/Bugis area, has been sold en bloc for $131.1 million to a fully-owned subsidiary of Fragrance Group, reported the Business Times.
\nIt plans to redevelop the 14,369 sq ft site into a hotel.
\nMore: Mandarin Gardens Eyes New En Bloc Record With $2.79b Price Tag
\nThis comes as outline planning permission (OPP) has been secured to change the 999-year leasehold property\u2019s zoning from \u201cresidential with first-storey commercial\u201d with a 2.8 plot ratio to hotel use with a 4.2 plot ratio or a maximum gross floor area of around 60,348 sq ft. Marketing agent Cushman & Wakefield revealed that no development charge is payable given the site\u2019s high development baseline.
\nThe sale, however, is subject to the Strata Titles Board\u2019s approval.
\n\u201cWe decided to change the course of the collective sale and instead of selling Waterloo Apartments as a residential development site, we opted to submit an OPP and wait for the hotel approval given that the residential en bloc market was reeling from the blow of the July 6 cooling measures,\u201d said Cushman & Wakefield capital markets director Christina Sim.
\n\u201cWe were also fortunate that the site is well located and within a zone which the Urban Redevelopment Authority would like to see enhanced into a kaleidoscope of delightful and memorable places.\u201d
\nA short distance from Bras Basah MRT station on the Circle Line and Bencoolen MRT station on the Downtown Line, Waterloo Apartments is just one stop away from Dhoby Ghaut Interchange.
\n\u201cThis offering gives the successful developer an opportunity to capitalise on our city\u2019s rich heritage by building an exclusive boutique hotel befitting the Civic District,\u201d noted Sim.
\nOwners at the development will likely receive gross sales proceeds of around $4.37 million per unit.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Fragrance Group subsidiary buys Waterloo Apartments for 1.1m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fragrance Group plans to develop the 14,369 sq ft site into a hotel. (Photo: Cushman...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-101290","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qlI","jetpack-related-posts":[{"id":82312,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eunos-mansion-sold-collectively-for-220-million\/","url_meta":{"origin":101290,"position":0},"title":"Eunos Mansion sold collectively for $220 million","date":"March 9, 2018","format":false,"excerpt":"\r Completed in 1982, Eunos Mansion comprises 105 apartments and two penthouses. (Photo: Cushman & Wakefield) The freehold Eunos Mansion has been sold collectively to a subsidiary of Fragrance Group for $220 million, according to Cushman & Wakefield which brokered the deal. This is slightly higher than the reserve price\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110535,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fragrance-group-acquires-min-yuan-apartments-for-141m\/","url_meta":{"origin":101290,"position":1},"title":"Fragrance Group acquires Min Yuan Apartments for $141m","date":"September 6, 2019","format":false,"excerpt":"\r Fragrance does not expect the acquisition, which will be funded by internal funds and borrowings, to materially affect the company\u2019s earnings and net tangible assets for FY2019. Fragrance Group, via its fully-owned subsidiary Fragrance Victory, has acquired Min Yuan Apartments for $141 million. Located at 62 Waterloo Street, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":77746,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eunos-mansion-up-for-en-bloc-sale-at-asking-price-of-218m\/","url_meta":{"origin":101290,"position":2},"title":"Eunos Mansion up for en bloc sale at asking price of $218m","date":"January 23, 2018","format":false,"excerpt":"\r Built in the mid-1980s, Eunos Mansion features 107 apartments. (Photo: Cushman & Wakefield) The freehold Eunos Mansion development has been put up for collective sale with a reserve price of $218 million, which works out to $1,219 psf per plot ratio, revealed marketing agent Cushman & Wakefield. Situated along\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92410,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dalvey-court-in-district-10-up-for-en-bloc-sale-at-160m\/","url_meta":{"origin":101290,"position":3},"title":"Dalvey Court in District 10 up for en bloc sale at $160m","date":"June 26, 2018","format":false,"excerpt":"\r Dalvey Court is located close to Stevens MRT station and the Singapore Botanic Gardens. (Photo: Cushman & Wakefield) Dalvey Court, a freehold nine-storey residential development at 28 Dalvey Estate in District 10, has been put up for en bloc sale with a reserve price of $160 million, revealed marketing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84828,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/united-mansion-up-for-en-bloc-sale-with-reserve-price-of-98m\/","url_meta":{"origin":101290,"position":4},"title":"United Mansion up for en bloc sale with reserve price of $98m","date":"April 9, 2018","format":false,"excerpt":"\r Completed in 1968, United Mansion in Siglap is located close to Parkway Parade, I12 Katong and various schools. (Photo: Cushman & Wakefield) The freehold United Mansion development at 592 to 614 East Coast Road has been launched for collective sale at a reserve price of $98 million, marketing agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78643,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/katong-park-towers-launched-for-collective-sale\/","url_meta":{"origin":101290,"position":5},"title":"Katong Park Towers launched for collective sale","date":"February 1, 2018","format":false,"excerpt":"\r Located close to a future MRT station, the property has a reserve price of $288 million. (Photo: Cushman & Wakefield) Offering a compelling opportunity for the development of an exclusive condominium within an affluent neighbourhood in Katong, Katong Park Towers has been put up for en bloc sale carrying\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/101290"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=101290"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/101290\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=101290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=101290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=101290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}