Aspial, Fragrance sets up Kensington Village to make $161m bid for property

Aspial Corporation and Fragrance Group have jointly incorporated a special purpose company named Kensington Village to engage in real estate developments.

Kensington Village has submitted a $161.11 million bid for Tai Keng Court which has been accepted.

The freehold property has a land area of 9,643.20 sq m and a plot ratio of 1.4. If an adjoining 463.4 sq m remnant state land is also acquired, the combined sites will have a total land area of 10,106.6 sq m, and can potentially yield a gross floor area of 152,302 sq ft.

The company intends to redevelop the development land subject to obtaining all the necessary approvals from the relevant authorities.

The costs of the acquisition and development will be funded internally and through bank borrowings.