*Update: The Straits Times reported on June 3 that the Singaporean man who bought a $5.46 million island in Australia has been identified as Mr Koh Wee Meng, 52, chief executive and founder of Fragrance Group.
The boss of the Fragrance hotel chain is believed to have plans to use Waterhouse Island as a private retreat before he develops an eco-tourism project on it.
Always fancied a private bolthole for vacations away from the city bustle?
One Singaporean businessman clearly did, so much so that he reportedly spent almost 5.5 million Australian dollars (S$5.5 million) on an island off the coast of Tasmania, according to a report by Australia's national broadcaster ABC.
For less than the cost of many condos in Singapore - which in March topped the Economist Intelligence Unit's "world's most expensive city" list for the third straight year - the unnamed man purchased Waterhouse Island, a 300-hectare island about 30 kilometers (18.6 miles) off the northeast coast of the Australian state.
The island came with a three-bedroom main house, a guest cottage, sheep-shearing shed, airstrip, permanent power supply and mobile phone reception, the ABC reported.
It could, however, only be accessed only by charter flight or boat, according to the property's sales listing on real estate site domain.com.au.
Property agent Ant Manton of Ray White told the ABC that he believed the buyer planned to use it as a holiday destination.
"I think down the track there might be some plans for an eco-tourism type development but at this stage just a magnificent private retreat in the middle of Bass Strait," Manto said.