Aspen to buy freehold land in Selangor for $21.5 mil

Aspen to buy freehold land in Selangor for $21.5 mil

By: 
Stanislaus Jude Chan
28/09/17, 08:22 pm

SINGAPORE (Sept 28): Aspen (Group) Holdings’ wholly-owned subsidiary, Aspen Vision Development (Central), has entered into a sale and purchase agreement to acquire a plot of freehold land in Selangor, Malaysia for 66.7 million ringgit ($21.5 million).

Spanning some 22,954 sqm, the currently vacant land is located in a matured township known as Kajang, approximately 30km from the Kuala Lumpur city centre.

It has been approved for a proposed development of two blocks of residential properties comprising Small Office Home Office (SOHO) and serviced apartments, one block of 9-storey podium car parks, sixteen retail units, and other facilities.

The acquisition is expected to be funded by bank borrowings and internal resources.

Aspen says it intends to utilise approximately $2.15 million of the net proceeds from its initial public offering to satisfy the payment of the 10% deposit, which is to be paid upon execution of the agreement today.

The company had allocated $25 million from net proceeds of the IPO for the acquisition of land banks and future developments.

Aspen says the acquisition is not expected to have any material impact on its consolidated net tangible assets per share or earnings per share for the current financial year ending Dec 31, 2017.  

Shares in Aspen closed flat at 23 cents on Thursday.

CapitaLand said to be acquiring Star Harbour International Center project in Shanghai for $2.5 bil

SINGAPORE (Oct 17): CapitaLand is said to be investing about RMB 12.79 billion ($2.54 billion) to acquire the Star Harbour International Center project in Hongkou, Shanghai, according to real estate online portal Mingtiandi. The group is said to be acquiring its most expensive real estate project yet in China from Shanghai Port Group, after the state-run developer announced on last Friday that it is planning to sell the property. CapitaLand has yet to make a statement regarding the acquisition. When The Edge Singapore reached out to CapitaLand for comments, the group said the tender h....
Read More >>

Few have made it where Tung Lok now treads: SAC

SINGAPORE (Oct 17): Since its founding in 1984, Tung Lok Restaurants (2000) has made a name for itself in the local F&B scene. From serving gourmet Chinese cuisine in its flagship Tung Lok Restaurant, it is now engaging the tastebuds of a younger generation and licensing its brands overseas. As at end March, Tung Lok operates as 43 F&B outlets with 24 directly owned, eight held by associates and 11 others under management. These are located in Indonesia, Japan, China, Vietnam and, of course, Singapore. The group’s operations can be segmented into three categories: restaurateur,....
Read More >>

Analysts put SPH on 'hold', but is the end of its earnings decline in sight?

SINGAPORE (Oct 17): Analysts across three brokerages – UOB Kay Hian, OCBC Investment Research, and CGS-CIMB Research – have “hold” recommendations on Singapore Press Holdings (SPH), as the group performed below expectations for FY18. SPH saw its full-year earnings fall 19.7% to $281.1 million for the FY18 ended August, from $350.1 million a year ago. However, this was mainly attributable to the absence of a one-off gain of $149.7 million a year ago from the divestment of a joint venture. FY18 operating revenue fell by 4.8% to $982.6 million, from $1.03 billion a year ago. See:....
Read More >>
Stars align for US banks to shine

(Oct 15): A decade after the global financial crisis, the landscape of the US financial services ind