SINGAPORE (EDGEPROP) – Local property developer Fragrance Group has recently acquired Katong Plaza in Marine Parade for $180 million, in its bid to tap into the growing hospitality market in the east. The sale price translates to a land rate of $1,809 per square foot per plot ratio (psf ppr), inclusive of the land betterment charge.Katong Plaza, a mixed-use development with both commercial and residential units, is situated at 1 Brooke Road and boasts a freehold tenure. Of the total 132 strata retail units and 14 residential apartments within the development, owners of the retail units are set to receive proceeds ranging from $502,000 to over $6 million, while owners of the residential apartments can expect between $2 million and $5.1 million. The brokerage of the sale was handled by Terence Lian, Huttons Asia head of investment sales.The current development, which sits on a 34,044 square foot land, boasts a gross plot ratio of 3.0 resulting in a maximum gross floor area of 102,132 square feet.Although the current zoning for the property allows for both commercial and residential use, Fragrance Group has received governmental approval from the Urban Redevelopment Authority (URA) to redevelop the site into a hotel. With the proposed hotel expected to yield around 300 to 340 rooms under the renowned Accor brand, the developer aims to capitalize on the prime location of Katong Plaza in District 15, while riding on the expected success of the upcoming Marine Parade MRT station along the Thomson-East Coast Line and the Parkway Parade shopping mall. Katong Plaza is situated just 120 meters away from both these developments and is surrounded by other notable hotels such as the Holiday Inn Express Singapore Katong, an IHG Hotel and Village Hotel Katong.The successful acquisition of Katong Plaza by Fragrance Group has been met with positive reactions from industry experts. Terence Lian, Huttons Asia head of investment sales has expressed confidence in the collective sale market, stating that the sale will encourage and attract more developers to invest in similar attractive land parcels.Due to the close association between Fragrance Group and its hospitality arm, Global Premium Hotels, which is owned by billionaire property developer and hotelier James Koh, there is a high possibility that the properties will be developed into hotels under one of the Accor brands. The hospitality arm of Fragrance Group already has a well-established portfolio with the renowned homegrown brands, Fragrance and Parc Sovereign. In 2019, Fragrance and international hotel group Accor teamed up to establish 13 new ibis Budget hotels, which were previously Fragrance-branded hotels. In addition to this, efforts have been made to bring in other notable Accor brands such as ibis Styles and Mercure.Last month, Fragrance Group and Global Premium Hotels signed an agreement with Accor to open two brand new properties with three new hotels by 2027. The first of the developments will be the 808-key Mövenpick Singapore which will be situated on Hoe Chiang Road and is also slated to be the largest Mövenpick hotel in the entire Asia Pacific region. The extensive development will also house Mövenpick Living Singapore, a 37-key accommodation which targets travelers seeking extended stays. The second property, located at Waterloo Street, will be a new 502-room hotel operating under the Handwritten Collection brand of Accor. The site, which will be developed into a 500-room hotel, was formerly occupied by Min Yuan Apartments which was acquired by Fragrance Group for $141 million in September 2019. In addition to this, Fragrance Group had also acquired the former Waterloo Apartments in November 2018 which was later amalgamated together with the initial site and received URA’s approval for development.
The Orie by City Developments Limited (CDL) is a highly coveted condo located in the heart of Toa Payoh and conveniently situated near Braddell MRT Station. This exclusive residential development boasts luxurious facilities such as a swimming pool, gym, and lush green spaces, providing residents with a serene and modern living experience. With its prime location, The Orie offers easy access to various amenities including shopping malls, schools, and restaurants. Moreover, the well-designed units and top-notch quality of CDL’s developments make The Orie an ideal choice for those seeking a sophisticated and comfortable lifestyle.