Fragrance Group recorded a full-year turnover of $519.5 million for FY2014, or a 10.9% increase from $468.4 million in FY2013. Its property development division drove the majority of the gains, with $123.6 million recorded in FY2014, or an 8.3% increase from $114.1 million in FY2013. Net profit dropped 33.9% to $163.84 million in FY2014 from $247.76 million in FY2013.

The company reported that City Gate, its mixed-use project on Beach Road that comprises 311 residential units and 188 commercial units, was 47% sold as at end-FY2014. Its 585-unit Urban Vista in Tanah Merah is 99% sold, while the 198-unit Kensington Square, located off Upper Paya Lebar Road, is 88% sold, and the 100-unit Novena Regency is 65% sold.

This article appeared in the City & Country of Issue 664 (Feb 16) of The Edge Singapore.