Fragrance Group puts freehold Verdun House on market for S$64 million

Billionaire Koh Wee Meng's Fragrance Group has launched the sale of Verdun House, a freehold commercial building in District 8, with an asking price of S$64 million. The 48.8% premium over its 2022 purchase price reflects S$2,669 psf on maximum gross floor area.

Fragrance Group, controlled by Singapore billionaire Koh Wee Meng, has put its freehold commercial building Verdun House on the market for S$64 million. The expression-of-interest exercise closes on 22 Sept 2026, according to marketing agent Cushman & Wakefield.

The price works out to S$2,669 per square foot based on the property's maximum permissible gross floor area of 30,728 square feet (2,855 square metres). It represents a 48.8% premium over the S$55.1 million that Koh paid for the building in 2022, as reported by The Business Times.

Constructed in the 1980s, Verdun House sits on a 7,316-square-foot corner plot spanning 6, 8, 10 and 12 Verdun Road. It has an existing gross floor area of 22,730 square feet, and comprises four retail units at ground level and 12 apartments across three upper floors. The apartments were reconfigured for co-living after Koh's acquisition.

The building is within walking distance of Farrer Park and Jalan Besar MRT stations. Farrer Park is two stops from Dhoby Ghaut interchange, near the Bras Basah-Bugis precinct, which houses institutions including Singapore Management University, School of the Arts, Nanyang Academy of Fine Arts and Lasalle College of the Arts.

Sophia Lim, director of capital markets at Cushman & Wakefield, told EdgeProp that the property offers a gross rental yield of nearly 3%, compared with the 1-2% currently generated by freehold shophouses. Koh is executive chairman and CEO of Fragrance Group, which he founded in the 1990s after leaving Aspial, his family's jewellery business. Forbes ranked Koh 21st among Singapore's richest people last September, estimating his net worth at US$2.1 billion.