Fragrance Assets Pte Ltd was awarded the tender for the hotel site at Short Street by the Urban Redevelopment Authority (URA).

The property investment holding company has submitted the highest bid of SGD15.51 million for the tender of the 1,164.6 sqm hotel site at Bras Basah. The site has a 99-year lease.

URA launched the tender for the hotel site on 15 April 2009 and it closed on 10 June 2009. A total of 14 valid bids were received. Other bidders include Regal Land Pte Ltd, Centurion Properties Pte Ltd and Hotel Royal Investment Pte Ltd.

Fragrance Assets Pte Ltd is a wholly-owned subsidiary of SGX mainboard-listed Fragrance Group Ltd.