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.

When completed, it will be the tallest building in Melbourne with more than 1 million sq ft of gross floor area.

"We are truly humbled, yet excited to be involved in this monumental project. It is certainly a groundbreaking milestone for Aspial to play a part in the development of the tallest skyscraper in Melbourne, which will soon lend its compelling presence to the city's urban skyline," said Aspial chief executive Koh Wee Seng.

Aspial had announced earlier this month the purchase of a commercial freehold property in Melbourne for A$41.5 million.

This latest acquisition underlines the firm's optimism in the Melbourne property market, Mr Koh added.

"We will continue to seek other investment opportunities in the Australian property market as part of our overseas expansion plans."