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

The property investment holdings, a unit of mainboard-listed Fragrance Group, submitted the highest tender bid of $15.5 million, or $3,804 per square feet, for the 1,164.5 square metres site.

The company already has a chain of boutique hotels across Singapore, including in Selegie, Upper Serangoon, Lavender and Pasir Panjang, targeting budget-conscious visitors.

The public tender for the 99-year-lease at Bras Basah was launched on April 15 and closed last Wednesday.

A total of 14 companies bid for the site, inluding Sim Lian Land, Orchard Parade Holdings, and Regal Land.