Singapore jeweller buys Melbourne property for S$46.5m
Singapore-based jewellery group Aspial Corporation has made its first major foray into the overseas property market with the acquisition of 383 King Street in Melbourne from MWM Australia for A$41.5 million (S$46.5 million).
Strategically located directly opposite Flagstaff Gardens, 383 King Street is a freehold commercial development comprising a ground level and nine upper office levels, including two levels of basement carpark. The site has a land area of about 2,206 sq m and a lettable area of around 13,136 sq m.
The building features wide frontage while the higher floors offer panoramic views of Flagstaff Gardens and North Melbourne. It is also within proximity to Queen Victoria Market as well as Melbourne’s central shopping area.
“This acquisition is significant as it marks our first major acquisition in our overseas expansion. We see great potential in Australia’s property market and firmly believe that this property presents tremendous opportunity for the group,” said Aspial’s CEO Koh Wee Seng.
He added that the company is currently exploring various options for the property, which includes redevelopment for mixed commercial and residential use.
The sale will be financed through the group’s internal resources and borrowings, and is expected to be completed this month.