Aspial acquires Aussie property for A$41.5m

ASPIAL Corporation has unveiled its latest gem - 383 King Street in Melbourne, Australia - which it is acquiring from MWM Australia for A$41.5 million (S$46.5 million).

This is Aspial's first major acquisition in its overseas expansion. The freehold commercial development comprises a ground level and nine upper office levels, with two levels of basement parking. It has a total land area of about 2,206 square metres and a lettable area of about 13,136 sq m.

"We are currently exploring options for the property, including redevelopment for mixed commercial and residential use. In the bigger scheme of things, we are also exploring other investment opportunities in Melbourne and other Australian cities," said Koh Wee Seng, chief executive officer of Aspial.