A Singapore billionaire has begun marketing apartments in a dilapidated Collins Street building after winning approval for a tower little more than half the size of the original 82-level proposal.
Wooden hoardings have been erected around Enterprise House at 555 Collins Street, a 24-storey, concrete-ribbed, office tower that has sat vacant for several years.
![An artist's impression of Fragrance Group's 47-level tower at 555 Collins Street Melbourne.](http://web.archive.org./web/20170802155239im_/https://www.fairfaxstatic.com.au/content/dam/images/g/w/m/e/9/9/image.related.articleLeadwide.620x349.gwmdlj.png/1496978457297.jpg)
The building is expected to be demolished to make way for a shiny, fluted-glass, Bates Smart-designed residential tower on a site owned by Fragrance Group's Koh Wee Meng, one of Singapore's richest men.
The property has not been one of Mr Koh's best enterprises.
Fragrance purchased the tower for $78 million in 2104 from Melbourne property developer and rich lister Harry Stamoulis shortly after Mr Stamoulis was granted a unique planning clause for the site by former planning minister Matthew Guy.
Mr Guy, who is now state Opposition Leader, brought in an unusual rule that allowed a new building on the site to overshadow the Yarra River's northern bank – something not normally allowed in Melbourne's city centre.
But Mr Koh was caught out by a change of government and planning rules.
Fragrance's proposal for an 82-level apartment, office and hotel complex to replace Enterprise House was rejected by new planning minister Richard Wynne, prompting Fragrance to unsuccessfully offer the site for sale.
Estimates at the time suggest the site had lost up to $18 million in value.
After withdrawing it from the market last year, Fragrance finally gained planning approval for a 47-level residential tower in a negotiated settlement at the Victorian Civil and Administrative Appeals Tribunal.
Significant modifications to its original proposal resulted in the tower's height being cut from 302 to 160 metres to avoid shadowing the Yarra, the ground floor being remodelled and the apartment's interiors being redesigned.
The new building includes 625 one, two and three-bedroom apartments.
Fragrance's project was given approval with a floor ratio of 1:24.
It includes retail outlets and restaurants on the ground floor, a swimming pool, and four basements reserved for parking.
Mr Koh's group is best known for another yet-to-be-built landmark Melbourne building on the old Savoy Hotel site in Spencer Street, a curvaceous 74-level glass apartment tower inspired by pop singer Beyonce.
Fragrance is also pursuing development projects in Perth.
Mr Koh's younger brother, Koh Wee Seng, leads a different Singapore-listed company called Aspial Corporation that is building the southern hemisphere's tallest residential tower, the 101-storey whopper Australia 108 in Melbourne's Southbank.
Fragrance started life building budget hotels before branching into property development.