Singaporean property developer Koh Wee Meng is the new owner of Australia’s Waterhouse Island. (Photo: Ray White)
Following a recent report that an anonymous Singaporean businessman bought Australia’s Waterhouse Island for nearly AU$5.5 million, The Straits Times has revealed that the buyer is none other than Fragrance Group’s billionaire founder, Koh Wee Meng.
According to Ant Manton, the property agent who brokered the sale, he can’t name the buyer or divulge the exact selling price as he is bound by a non-disclosure agreement.
But based on the property’s deed, the freehold island off Tasmania’s northeast coast is now owned by a company registered in Victoria that is solely owned by the 52-year-old CEO.
Manton noted that the new owner intends to use the island as a private vacation home. But in the future, there might be plans to develop an eco-friendly project there for tourists.
Despite its secluded location, Waterhouse Island has mobile phone reception and permanent power supply, making it a perfect spot for visitors who still want modern conveniences, while enjoying the island’s pristine grassland, rolling hills and rugged coast.
Aside from the airstrip, jetty and lighthouse, there’s also a three-bedroom colonial-style homestead with a cottage guesthouse.
The island has a total area of around 300ha, of which more than 106ha has been set aside for conservation in 2011 by the state government.
“This is probably the largest freehold island off Tasmania that has transacted in at least the past decade,” said Manton.
While Australia is surrounded by thousands of islands, sales of entire individual islands are few and far between. In Tasmania, it is estimated that there over 4,000 islands and rocky outcrops, but only nine are freehold.
Islands recently put up for sale include Elizabeth Island near Melbourne, and Queensland’s Duke Group Archipelago – which consists of three islets being sold for about AU$12 million.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
