FRAGRANCE Group on Tuesday announced that it has entered into a sale and purchase agreement to acquire a property in Tasmania, Australia, for a total consideration of A$5.5 million (S$5.53 million).
The purchase will be done through its subsidiary, Fragrance Tas-Hobart (Davey).
The freehold property is located at 2-6 Collins Street, Hobart, Tasmania, and has a total land area of approximately 3,009 square metres.
It is currently in the "Inner City Residential" zone, which means that it can potentially be redeveloped for office, retail, hotel and residential uses.
Fragrance is currently exploring various development options for the property.
The site is strategically located near Macquarie Street, which is a main road leading into Hobart City's central business district.
Its location places the property within walking distance from popular shopping and leisure destinations like Elizabeth Street.
The acquisition will be funded internally, and is not expected to have any material impact on Fragrance Group's financial results for the current financial year ending Dec 31, 2016.