Property developer Fragrance Group is proposing to buy back up to $30 million in aggregate principal amount from the holders of its $100 million 4.75 per cent unsecured notes due in November 2021.

It will repurchase the notes in cash, at the daily prevailing market price, including accrued interest, subject to a price cap of 97 per cent of the principal amount of the notes. The prevailing market price has been around 96 per cent of the principal amount "in recent times", the mainboard-listed company said in a bourse filing on Thursday.

The proposed repurchase started yesterday and will end on July 5. If the notes made available for repurchase exceeds the $30 million cap, Fragrance will end the repurchase once it reaches that limit.

The $100 million four-year notes were issued at par in November 2017 as part of the company's $1 billion multicurrency debt issuance programme. Fragrance said in the filing that neither the firm nor its management is making any recommendation as to whether note holders should tender their notes under the proposed repurchase.