Fragrance Group

(19-09-2014, 03:56 PM)greengiraffe Wrote: http://infopub.sgx.com/FileOpen/Announce...eID=315333

I m loss for words... spinoffs... without a track record... if they can pull off with believers, I think any Tom, Dick and Mickey can list on ASX...

No vested interests
GG

The listing is not on ASX but on SGX's Catalist.

(19-09-2014, 04:21 PM)Bluechipfan Wrote:

(19-09-2014, 03:56 PM)greengiraffe Wrote: http://infopub.sgx.com/FileOpen/Announce...eID=315333

I m loss for words... spinoffs... without a track record... if they can pull off with believers, I think any Tom, Dick and Mickey can list on ASX...

No vested interests
GG

The listing is not on ASX but on SGX's Catalist.

even then who are they trying to convince... nothing build and sold yet let alone anything off ground...

(19-09-2014, 04:39 PM)greengiraffe Wrote:

(19-09-2014, 04:21 PM)Bluechipfan Wrote:

(19-09-2014, 03:56 PM)greengiraffe Wrote: http://infopub.sgx.com/FileOpen/Announce...eID=315333

I m loss for words... spinoffs... without a track record... if they can pull off with believers, I think any Tom, Dick and Mickey can list on ASX...

No vested interests
GG

The listing is not on ASX but on SGX's Catalist.

even then who are they trying to convince... nothing build and sold yet let alone anything off ground...

Quite right. Only 4 properties in Australia. However, SGX given AIP.

(19-09-2014, 04:48 PM)Bluechipfan Wrote:

(19-09-2014, 04:39 PM)greengiraffe Wrote:

(19-09-2014, 04:21 PM)Bluechipfan Wrote:

(19-09-2014, 03:56 PM)greengiraffe Wrote: http://infopub.sgx.com/FileOpen/Announce...eID=315333

I m loss for words... spinoffs... without a track record... if they can pull off with believers, I think any Tom, Dick and Mickey can list on ASX...

No vested interests
GG

The listing is not on ASX but on SGX's Catalist.

even then who are they trying to convince... nothing build and sold yet let alone anything off ground...

Quite right. Only 4 properties in Australia. However, SGX given AIP.

SGX is desperate... anything that brings business is fine... Fragrance Australia has no track record... they dun even know how to get things off the ground... worst than CES...

swee la, sounds like a nice spin on sgx, actually they do have n excellent track record for spinning off and stock split,

S chip look-a-like.

Exactly my initial thought after reading it.

I thought they are putting the cart before the horse.

I thought you need to first build, establish, make sure it is profitable and then reap the benefits.

I guess Mr.Market disagrees and likes the intent.

7% jump in shares yesterday, after the announcement.

Will be interesting to see how analysts react to this and how many slap a target price of 50 cents and buy citing re-rating, aussie exposure, exciting story etc.

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

SINGAPORE’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’s move is likely driven by his desire to accelerate the growth of his local business.

While additional capital may not be required — Mr Koh’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 — 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’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.

Oz property are sold off plan with deferred payments. Can sell but collection is another thing. Esp if buyers are from China and Asian. Cross litigation (eg enforcing Chinese buyers bought oz properties in sg) is a nightmare. Unless the downpayment is 50%.

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View from Melbourne South Wharf DFO.


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