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.

SEE:Amara guns for multi-pronged growth in hospitality, property and F&B

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

Get the latest Singapore corporate news stories for FREE

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.