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 apt 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 sq m 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 sq m. Aspial plans to develop a 110-unit apt project on the combined land area. The site is in the prime D11 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.
- Channel News Asia posted 13 May 2011 2131 hrs
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