Friday, October 30, 2009

Aspial buys another residential site

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

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