Aspial Corp buys residential site at Bassein Road for $41.1m

Aspial Corporation has submitted an offer through its subsidiary World Class Land to purchase Chong Kim Apartment at 8 Bassein Road for S$41.1 million.

The apartment was offered for sale by tender on May 12.

Aspial says the offer has been accepted.

The freehold Chong Kim Apartment has a land area of 1,426.9 square metres and is zoned for residential use.

It has a plot ratio of 2.8 and can be developed to a 36-storey property.

Subject to the approval of authorities, Aspial says it intends to purchase an adjoining plot of state land sized at 150 square metres.

Aspial plans to develop a 110-unit apartment project on the combined land area.

The site is in the prime district 11 and is walking distance away from Novena MRT station, as well as shopping amenities Velocity @ Novena Square, Square 2, United Square and numerous medical facilities.

The acquisition and development will be funded internally and through bank loans, says Aspial.

It says the transaction is not expected to have any material impact and net tangible assets on the company for this financial year.

Source : Channel NewsAsia – 13 May 2011

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