Aspial buys Melbourne property for S$48m

SGX-listed Aspial Corp has acquired a property in Melbourne, Australia, which it plans to redevelop into the city’s tallest building.

The A$42.3 million (S$48 million) deal is for a freehold low-rise commercial building in downtown Melbourne which has a total land area of about 2,625 square metres.

In a statement on Wednesday, Aspial said the property has two active planning permits, of which one is for redeveloping the building into a 388-metre tower.

Subjected to aviation clearance, the company added that it plans to build a 312-metre tall residential and commercial tower.

When completed, it will be the tallest building in Melbourne with more than one million square feet of gross floor area.

Based on preliminary plans, the company said the tower’s topmost floor will be accessible to the public.

Currently, the tallest skyscraper in Melbourne is the 297-metre Eureka Tower, just a few blocks away from Aspial’s acquired property.

Aspial’s chief executive officer said: “It is certainly a groundbreaking milestone for Aspial to play a part in the development of the tallest skyscraper in Melbourne, which will soon lend its compelling presence to the city’s urban skyline”.

The latest deal comes shortly after the company had announced that it has acquired another freehold property in Melbourne’s CBD area at King Street.

Source : Channel NewsAsia – 22 Jan 2014

Join The Discussion

Compare listings