Sunday, March 24, 2013

Fragrance's Koh Wee Meng earned up to $5.5m last year

The Straits Times  |  Mar 20, 2013

One of Singapore's richest men, billionaire Koh Wee Meng, reportedly earned between $5.25 million and $5.5 million last year.

This was disclosed in the 2012 annual report of Fragrance Group, a local property developer and hotel chain.

His remuneration package is largely performance-based, with 86 per cent from bonuses while most of the rest was base salary.

Mr Koh is worth about US$1.4 billion (S$1.7 billion), according to Forbes. The property tycoon and hotelier is ranked the 15th richest person in Singapore and 1,031st in the world.

He has a 73 per cent stake in Fragrance Group as its executive chairman and chief executive. Based on Fragrance's market capitalisation, that is worth $1.23 billion. His wife Lim Wan Looi also sits on the board as a non-executive director and owns close to 11 per cent of shares in the firm.

In January, Fragrance Group reported a record net profit of $235 million for the year ended 2012, up 35 per cent from 2011.

In the chairman's message in the company's annual report, Mr Koh said the group expects the property cooling measures to dampen speculative demand in the market. However, demand from genuine home buyers should remain stable, given the low interest rate environment.

Business for its hotel arm should not be too badly affected by uncertain global economic conditions, added Mr Koh. "The resilient nature of operating hotels in the economy segment will allow us to tide through economic slowdowns as tourists seek more affordable accomodation."

More than 250 units of its latest condominium Urban Vista - developed with World Class Land - have been snapped up since its launch last Friday. The 582-unit development in Tanah Merah is expected to issue its temporary occupation permit in 2017.

Nine other property developments ranging from seafront bungalows to offices and retail shops are in the pipeline.

Fragrance Group is also expected to develop its largest hotel with 270 rooms in Tyrwhitt Road by the first half of next year.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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