Aspial

Aspial: Aspial acquired a 28,255 sf freehold site in Melbourne, Australia, for A$42.3m (S$47.9m), with an intention to build a 312m tall residential and commercial tower, being the tallest building in Melbourne with more than 1m sf gfa upon completion. Located in downtown Melbourne adjoining the CBD at 70 Southbank Boulevard and adjacent plot 115-131 City Road, the property has two active planning permits, of which one for redevelopment into a 388m tower subject to aviation clearance. Currently, the tallest skyscraper in Melbourne is the 297m Eureka Tower, just a few blocks away from Aspial’s acquired property. The latest deal comes shortly after the company had announced that it has acquired another freehold property in Melbourne’s CBD area at King Street. At $0.43, Aspial trades at 2.5x P/B.