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Aspial Corp buys Melbourne property for A$42.3m

SGX-listed Aspial Corp has acquired a property in Melbourne, Australia, which it plans to redevelop as the city's tallest building.

SINGAPORE: SGX-listed Aspial Corp has acquired a property in Melbourne, Australia, which it plans to redevelop as the city's tallest building.

The A$42.3 million deal is for a freehold low-rise commercial building in downtown Melbourne which has a total land area of about 2,625 square metres.

In a statement on Wednesday, Aspial said the property has two active planning permits, and one is for a redevelopment into a 388-metre tower.

Subjected to aviation clearance, the company added that it plans to build a 312-metre tall residential and commercial tower.

When completed, it will be the tallest building in Melbourne with more than one million square feet of gross floor area.

Based on preliminary plans, the company said the tower's topmost floor will be accessible to the public.

Currently, the tallest skyscraper in Melbourne is Eureka Tower which stands at 297 metres, just a few blocks away from the acquired property.

In the statement, Aspial’s chief executive officer said "it is certainly a groundbreaking milestone for Aspial to play a part in the development of the tallest skyscraper in Melbourne, which will soon lend its compelling presence to the city's urban skyline".

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. 

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