Singapore-Based Property Group Eyes Final Sales at Melbourne Tower

Ninety percent of the residential tower's units have already sold.

29 July 2020 | Melbourne, Australia

Singapore-listed property developer Fragrance Group has topped out its 78-story Premier Tower in Melbourne as it pursues efforts to sell the remaining units in the skyscraper.

The Fragrance Group had sold around 80 percent of the units in the Premier Tower, a total contracted AUD$490.3 million (US$352 million) according to the group’s first quarter results filing. The revenue from the apartment sales will be recognized upon completion of the tower in the fourth quarter of 2020.

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The tower’s marketing agent Colliers confirmed on 23 July 2020 that 90 percent of the Premier Tower has now sold, with 80 apartments remaining.

The 796-apartment skyscraper had a successful initial sales push, securing 60 percent off-the-plans sales after a Beyonce-inspired marketing campaign launch in 2015.

Despite PR to the contrary, the claim the tower was inspired by pop star Beyonce was denied by Fragrance Group boss Koh Wee Meng.

The Singaporean group has an active development presence in Australia with seven projects under way, including four hotels in Hobart.

The group owns the recently-completed 431-key Novotel Murray Street and a 296-key Ibis hotel in Hobart. The developer’s last financial update revealed it had sold 30 percent of its recently-completed NV Apartments in Perth.

On Tuesday, 27 July 2020, the Fragrance Group listed a 29-story office tower, Tower 15, on the edge of the Raffles Place CBD in Singapore for S$715 million (AUD$723 million / US$519 million).

Multiplex is building the AUD$315 million (US$226 million) Premier Tower, which now stands 246 meters above street level—competing with UEM Sunrise’s recently completed 289-meter Aurora tower and the 317-meter Australia 108 nearby.

The tower’s six-story podium will house a 172-room hotel and guest facilities.

According to Multiplex, the wave-like design of the Premier Tower presented several challenges to construction.

“Changing floorplates and cantilevered slabs required innovative approaches to formwork and installation of the façade,” Multiplex regional managing director Graham Cottam said.

Construction of the tower is on track for completion by the end of 2020.

For more on this story, go to The Urban Developer.