Fragrance Group

Mainboard-listed property developer Fragrance Group will be launching the sale of its Jervois Treasures condominium in prime District 10 on Saturday, with prices starting from $1.37 million for a one-bedroom apartment.

Located in Jervois Road in the Tanglin area, the five-storey luxury development has 36 units, comprising one-to three-bedroom units of between 506 and 1,432 square feet.

Prices for two-bedroom units start from $1.64 million, while those for three-bedroom apartments begin at $2.85 million.

The condo is being developed on the site of the former Lotus @ Jervois, which Fragrance Group bought en bloc for $46.3 million in March last year. The price worked out to $1,683 per square foot per plot ratio, inclusive of an estimated development charge of $200,000.

The condo, which is expected to be completed in March 2021, is a five-minute drive from Orchard Road, the Central Business District and Marina Bay Financial Centre. The nearest MRT stations are Redhill, Tiong Bahru and Orchard Boulevard on the Thomson-East Coast Line (due to open in 2021).

Fragrance Group also said another condo project being built on a collective sale site, Urban Treasures, which is located in Jalan Eunos, will go on sale in the later part of the third quarter.

Venture Corporation

Asset manager BlackRock is now deemed a substantial shareholder of Venture Corporation, after related entity PNC Financial Services Group became a substantial shareholder through a share purchase on July 19.

Venture reported this in a filing to the Singapore Exchange yesterday, saying PNC acquired about 525,400 Venture shares last Friday. This increased PNC's shareholding in the electronics manufacturing services provider to 5.16 per cent.

According to PNC's 2018 annual report, it has a substantial minority equity interest in BlackRock. As a result, BlackRock holds a deemed interest in Venture because it has indirect control of an entity that holds direct interest in Venture.

Venture shares closed up 25 cents or 1.62 per cent to $15.67 yesterday before the announcement.