SGD New Issue Review : Fragrance Group 2Y

– New Fragrance group limited SGD 2yrs announced on the back of reverse enquiry.  Deal is anchored.
– Initial price guidance: High 3s
– Timing: This week’s business, as early as today

– Comps:
Wingtai 3.38 2016 – 101.25, 2.54%
Wingtai 4.00 2018 – 102.00, 3.17%

*** You may also find attached investor presentation at:

Credit Highlights:

– With a track record dating back to the mid-1980s, Fragrance Group Limited (“FGL”) is a property developer with a presence in Singapore and Australia.
– FGL was listed on the mainboard of the SGX-ST in February 2005 with a market capitalisation of S$50 million, which has grown to about S$1.4 billion as of today.
– FGL focuses on the development and sale of residential, commercial, hotel and industrial property, with over 80 project launches to date, as well as property investment. Its property portfolio includes Tower 15 (15 Hoe Chiang Road), NOL Building, Kensington Square, City Gate etc.
– FGL entered the Australian property market in 2014 with the acquisition of five properties in Tasmania, Melbourne and Perth.  Expansion helps to enhance diversification and stability of future earnings.
– FGL is founded by Mr Koh Wee Meng (Executive Chairman & CEO) who has over 22 years of experience in property development and 15 years of experience in hotel operations. Senior management team is also experienced with long track record.


In these highly charged times, I think it is frightfully MISLEADING to be comparing Fragrance to WINGTAI ! Wouldn’t Aspial be a better comparable ? Aren’t they biological brothers ? And don’t forget Maxicash too !

Somehow I feel that they are trying to distant themselves here.

So I decided to do readers a favour and drag out all the Aspial bonds.


Food for thought : Wouldn’t it be wonderful if Aspial could borrow at such a level ??

I got to run… good luck !