Aspial Corporation, through its wholly-owned subsidiary World Class Land, is buying Chong Kim Apartment at 8 Bassein Road for S$41.1 million.
The 1,426.9 sq m freehold apartment is located in prime district 11, with several shopping amenities in the area including United Square, Square 2 and Velocity @ Novena Square. Zoned for residential development, the property can be developed into a 36-storey tower with a plot ratio of 2.8.
According to Channel News Asia, Aspial also plans to acquire an adjoining site measuring 150 sq m, with intentions to develop a 110-unit apartment on the combined land area.
Aspial added that the acquisition and development cost for the project will be funded through bank borrowings and internal resources.
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