Fragrance Group’s iconic Australian development project in Melbourne, the 83-storey Premier Tower, has received its practical completion certificate.

The certificate is issued for 401 residential units located from the ground floor to level 45 (or Phase 1) in late December 2020.

Practical completion certificate for the remaining 394 residential units and the hotel (Phase 2) is expected to be issued in March.

Premier Tower is located at the corner of Spencer Street and Bourke Street within Melbourne’s central business district.

SEE: Fragrance Group acquires other Waterloo Street apartment for $141 mil

Want our latest Singapore corporate news stories for FREE

Follow our Telegram, Facebook for the latest updates round the clock

The development features 795 residential apartments with retail space on the ground floor, as well as a 172-room hotel integrated onto its podium.

The group has a total contracted sale of A$468.2 million ($481.8 million) from Premier Tower, representing 84.4% of the residential units’ sales value. Some A$51.6 million deposit on these sales have been received.

Phase 1 has seen 100% sold to buyers who paid a deposit. The balance of the sales value is expected to be received upon the issuance of individual titles to the property.

Settlement of sales for the units in Phase 2 is expected from April onwards.

Shares in Fragrance closed 0.1 cent higher or 0.9% up at 11.6 cents on Jan 15.