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Aspial Corp makes second investment in Melbourne property for $47.6 million

Published on Jan 22, 2014 8:31 PM

Aspial Corporation, more traditionally known for being a purveyor of jewellery, has made its second major property investment abroad, just three weeks after its first.

The firm said on Wednesday that it has invested A$42.3 million (S$47.6 million) to acquire a property at 70 Southbank Boulevard and 115-131 City Road in Melbourne, Australia.

The property is a freehold low-rise commercial building with a total land area of about 2,625 square metres. It has two active planning permits, Aspial said. one for redevelopment into a 388-metre tower subject to aviation clearance.

In line with the aviation guidelines, Aspial intends to build a 312-metre tall residential and commercial tower.

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