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26-03-2012, 09:44 PM
(This post was last modified: 26-03-2012, 10:08 PM by pianist.)
Further to the Announcements, the Board of Directors (the “Board”) of the Company wishes to
announce that a preliminary prospectus relating to the Proposed Invitation and listing of Global
Premium Hotels (“Preliminary Prospectus”) has been lodged with the Monetary Authority of
Singapore (the “MAS”) today. The Company’s decision to proceed with the Proposed Invitation will,
among other things, be subject to investor demand and prevailing capital market conditions.
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SINGAPORE, 24 April 2012 – Fragrance Group Limited (“Fragrance Group”) and World Class
Land Pte Ltd (“WCL”), the property development subsidiary of Aspial Corporation Limited
(“Aspial”), today announced the incorporation of a special purpose company – Bayfront
Ventures Pte Ltd (“Bayfront Ventures”) – in conjunction with the acquisition of Keypoint (the
“Property”). Both Fragrance Group and WCL each has a 50% share in the special purpose
company.
Bayfront Ventures has entered into a sale and purchase agreement with British and Malayan
Trustees Limited (the “Vendor”), the trustee of Frasers Commercial Trust, to acquire the
Property at a purchase consideration of S$360 million.
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So the purchase of key Point will be funded by raising debt?
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fragrance sold site tyrwhit to GPH for 25million..
hmm.i just wondered is it possible/common to apply for re-zoning for an acquired site in this case originally commercial + residential to hotel?
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my interpretation:
the announcements by both FragranceLand and GPhotels were scripted to make both set of shareholders happy and not get too excited.
Truth is that Fragrance Land won tender for this landsite for $52.11m only recently - on 30Dec2011 (< 5mths ago),
and now "reselling" it for $24.136m capital gains to GPhotel.
SO actual pricing for this development land site now, is actually based on market valuation of $78m.
==> the SPV is being transfer for $25m, but effective land cost to GPhotels will still be around $78m.
and at this price ($78m) and based on the max permissible GFA of 6762.6 sqM
=> it's priced at $1072 psfppr !! , so no discounts lah..
.. if only on DAY1, bigboss had tender using an entity under the hotel biz division instead, then GPhotel will have saved $24m now, and dun need such a transfer.
rezoning comm to hotel: done before, v. likely will go thru unless got legitimate objections raised to URA.
site is only 200m from upcoming Bendeemeer MRT station (DTL), located just across Lavender St.
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how did u get the actual pricing for this development site of 78m?
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Further to the Announcement, the Directors of the Company wish to inform the shareholders of the
Company that SAC Capital Private Limited has been appointed as the independent financial adviser
(“IFA”) to the Directors who are considered independent for the purpose of the Acquisition, to opine
on whether the Acquisition is carried out on normal commercial terms and is not prejudicial to the
interests of the Company and its minority shareholders.
The IFA will issue its formal opinion, in the circular to be issued to shareholders of the Company in
relation to the Acquisition, in due course.
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