Fragrance Group

We heard about it all from St****** on how tough Aussie prop sales could be...

Anyway, that property u highlighted and the location is an excellent one... can watch AFL for free...

Wah just look at the number of tower cranes in the background... enough to testify that Melbourne is risking over-building...

The photo was taken yesterday. A lot of building in that area.

(20-09-2014, 01:32 PM)Shrivathsa Wrote: 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.

This towkay is shedding Aussie asset. SO FAR his timing has been respectable.

(22-09-2014, 11:51 AM)specuvestor Wrote:

(20-09-2014, 01:32 PM)Shrivathsa Wrote: 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.

This towkay is shedding Aussie asset. SO FAR his timing has been respectable.

He has gotten nothing to shed yet... more like convincing naive blokes to share his risks for projects that are yet to take off...

Not Vested
GG

shedding risk as well as balance sheet liabilities... that's something to shed... as fast turnaround as TCC towkay and Lippo... even before ink is dry

fragrance posted an expected drop in profits in 2014 due to lower selling prices a drop in fair value gains. Although valuations have become more attractive due to a drop in the share price, 2015 will continue to be another trying year for the company due to lack of catalysts. full article below.

http://www.investark.com/Analysis19fragrance2014.html

Fragrance gets tower go-ahead
Nick Lenaghan
374 words
15 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
Singapore-listed developer Fragrance Group has won approval for a $350 million residential and hotel complex in downtown Melbourne, after Victorian Planning Minister Richard Wynne cut the tower's height but endorsed its small apartments.

With a distinctive twisted, bulging shape, the 68-storey Elenberg Fraser- designed tower is set on one of the city's best-known sites, the old Savoy Tavern on Bourke Street opposite Southern Cross station.

It is one of the city's busiest corners but the site sat derelict for almost 20 years until its owner, businessman Mark Rowsthorn, returned the single-storey, 1970s-era brown brick-veneer building to its former use as a pub in March last year.

Soon after, Fragrance swooped, snapping up the old pub and its 1800 -square-metre land parcel for $44.5 million as it quickly put together an Australian-based portfolio.

The hotel and residential developer is led by executive chairman Koh Wee Meng, once dubbed the Geylang King in recognition of Fragrance's origins in rolling out budget hotels in Singapore's red light district.

His brother is Koh Wee Seng, head of Singapore-listed Aspial, which has all but sold out Australia 108 - set to be the tallest residential tower in the southern hemisphere, rising from Southbank, just outside the central business district.

In approving the Fragrance tower, comprising 660 units and 160 hotel rooms, Mr Wynne cut its height down from 294 metres to 226 metres, to make it comply with aviation rules and to prevent it overshadowing the Yarra River.

But he has also given a green light to the size of its apartments.

The smallest measures just 41 sqm, well below the 50-sqm standard in NSW and the same guideline initially proposed in Victoria.

Mr Wynne has launched a fresh process to establish apartment standards in the state.

He defended the size of the Fragrance units and noted the tower's mix of one-, two- and three-bedroom apartments.

"It's not to say that a 40-square-metre, well-designed apartment cannot be acceptable," Mr Wynne said.

"You can't be doctrinaire about this. Good design has to be at core of this, as does affordability."


Fairfax Media Management Pty Limited

http://www.valuebuddies.com/thread-4912-...#pid114802

Jul 8 2015 at 6:31 PM Updated Jul 8 2015 at 6:31 PM
Fragrance family buy pie in the sky

Artists' impression of the new Premier Tower project in Melbourne being developed by Singapore-listed Fragrance Group. Supplied
by Nick Lenaghan
It is not surprising that Singapore property magnate Koh Wee Meng and his family have bought a suite of apartments at the very top of a Melbourne high-rise CBD tower that his Fragrance Group is developing.

The only problem is those apartments are on level 75 in a tower which has only 68 levels approved in its planning permit and only 62 residential levels.

The revelation that Mr Koh and two of his sisters have acquired four sky-high apartments, along with one mid-level unit, was made to the Singapore stock exchange where Fragrance is listed.

It was the first sign the Singaporean hotel and residential developer is planning to take the tower even higher.

With architect Elenberg Fraser, Fragrance is preparing to submit for a further 10 levels, taking the tower to 78 storeys, if civil aviation authorities can be satisfied on its height, sources said.

The extra height may be a tall order, after Planning Minister Richard Wynne cut the original proposal down from 294 metres to 226 metres, making it comply with aviation rules and preventing it overshadowing the Yarra River.

Mr Wynne issued a firm response to the sky grab on Wednesday: "The permit for 134-160 Spencer Street clearly states my approval for 68 storeys. The decision to reduce the height was supported by the City of Melbourne to avoid overshadowing the Yarra River."

MARKET APPETITE

That the Koh family has hoped for move into real estate that may never exist is a crowning testament to the market appetite for its apartments.

With its distinctively bulging, anthropomorphic shape, Premier Tower is set on one of the city's best-known sites, the old Savoy Tavern on Bourke Street opposite Southern Cross station.

After just two weeks on the market, around 60 per cent of its 660 apartments were sold.. Around half went to offshore buyers, who were galvanised by a new stamp duty on foreign buyers that begins on July 1.

"This is the first major CBD launch in 2015," said Colliers' Tim Storey, whose team handled the sales.

"It's as good as we've ever done. It shows the strength of the market."

Coming back to review this stock, looks like the towkay has stopped splitting stock. alamak, in that case, he may lose his billionaire status with the depressed share price lately