Fragrance Group set for Asian listing
BEN WILMOT THE AUSTRALIAN SEPTEMBER 20, 2014 12:00AM

SINGAPORE&rsquo S Fragrance Group has unveiled plans to spin-off its rapidly growing property business in Australia on the Catalist board of the Singapore stock exchange.

The business, built up since the tycoon behind the company, Koh Wee Meng, spotted a Hobart development opportunity this time last year, has assembled a $1 billion-plus pipeline of apartment and commercial projects.

Fragrance Group has just appointed SAC Capital Private to advise on the proposed restructuring, which could serve as a model for other Singaporean ­ developers that have poured into Australia.

Mr Koh&rsquo s move is likely driven by his desire to accelerate the growth of his local business.

While additional capital may not be required &mdash Mr Koh&rsquo s net worth was estimated at $US1.6 billion in July by Forbes magazine with and the self-made magnate has extensive real estate and hotel holdings in Asia &mdash the listing of a development group focused on Australian apartments may be sought by investors.

Since finalising the small Hobart purchase in May, Fragrance Group has marked itself out as one of the most acquisitive Singaporean property groups.

It is planning to build a ­ 90-storey tower in the Melbourne CBD on the site of the recently redeveloped Savoy Tavern that is expected to have an end value of $700 million.

Fragrance has applied for a permit to build a single tower, featuring about 1000 apartments and 280 hotel rooms. While that development would mark Fragrance&rsquo s first project in Melbourne, it is already in talks to acquire more sites in that city.

Fragrance Group, which itself is listed in Singapore, purchased the Savoy Tavern site earlier this year from former Asciano boss Mark Rowsthorn for $44.5m.

Fragrance Group also snapped up 555 Collins Street in Melbourne from developer Harry Stamoulis for $78m in May.

That site could accommodate a $600m mixed-use tower.

In July, it bought a development site at 374-396 Murray Street in Perth for $40m that carries approval for two towers.