Creative Investments, the wholly-owned subsidiary of Amara Holdings, has, together with Santarli Capital Venture and Kay Lim Realty, incorporated a joint venture company, ASK Development.

ASK was incorporated on March 4 with an issued and paid-up capital of $100. ASK is 40%-owned by Creative Investments, and is each 30%-owned by Santarli Capital Venture and Kay Lim Realty.

Following its incorporation, ASK has entered into an agreement to acquire a freehold residential development at 2 Surrey Road for $47.8 million.

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The site has a total area of 11,977 sqft. It is allowed for residential development with a gross plot ratio of 2.8.

According to Amara, the acquisition is “in the ordinary course” of its business, and will be financed from internal funds.

Shares in Amara closed 2 cents lower or 5.3% down at 36 cents on March 4.