Jeweller and property developer Aspial said on Friday it was buying some properties in the vicinity of Lorong Chuan.
Through its subsidiary, World Class Land, the firm is buying several plots, together with the premises at 101 and 103 Cardiff Grove for some S$31.63 million.
The land was on Thursday offered for sale by tender.
Aspial said it intended to develop a 180-unit condominium at the newly acquired site.
The development is subject to approval by relevant authorities, planning guidelines and a topping up of the lease period to 99 years, the company said.
The site has a total land area of 4,772 square meters and a plot ratio of 1.4.
Aspial said the acquisition and development would be funded by internal accruals and bank borrowings.
It added the transaction was not expected to have any material impact on its earnings in the current financial year.
Source : Channel NewsAsia – 19 Nov 2010