ASPIAL Corporation said yesterday that it has agreed to buy a property at 26C Lorong Marzuki for $2.5 million.
The freehold site has an area of 281.1 square metres and is zoned for residential use with a 1.4 plot ratio.
Aspial previously bought two properties at 29 and 31 Lorong Melayu for $5.6 million in all.
Based on the combined maximum permissible area of around 1,795 sq m, the average purchase price for the three properties works out to about $459 per sq ft per plot ratio, inclusive of development charges.
Aspial intends to amalgamate the three plots to develop a 40-unit residential project.
The cost of the latest acquisition and development will be funded internally and through bank borrowings, Aspial said.
The transaction is not expected to have a material impact on the earnings or net tangible assets of the company in FY2009.
Source: Business Times, 30 Oct 2009