Fragrance & Aspial: JV for two co.s have emerged as top bidders for land parcel in Woodlands Avenue 2/ Rosewood Drive with a site area of 27.4k sqm and max GFA of 38.3k sqm which is zoned for residential use...
Aspial (40% stake) and Fragrance (60%) submitted a joint bid for S$151.5m (approx $370 psf) and will jointly develop the land. Further details will be available after land is officially awarded by URA. Fragrance trades at trailing P/B 4.6x and P/E 12.7x. Aspial at 2.5x P/B and 19.5x P/E. Both stocks have seen a run up since Mar-Apr period on increased volume…
Only 3 parties were bidding for the plot which is some distance from Woodlands MRT and nearby Rosewood Suites went for $599-818 psf last month. The subdued results were attributed to plot’s location other resi projects in the area, and likely due to policy overhang on the sector.
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