Jewellery and property group Aspial Corporation has secured $275 million in sales after selling all the units at Waterfront @ Faber, which contains 199 apartments and 11 strata -landed homes. With Parc Riviera at the nearby, will it have a spillover effect?
The group expects to receive a large payout once the residential project receives its TOP in the first half of 2017.
“Despite the challenging operating environment, we are pleased to have sold all 210 units of the Waterfront @ Faber, demonstrating the strong execution capacity of the group and the attractiveness of the project’s value proposition,” said Koh Wee Seng, Aspial’s CEO.
Located within Faber Hills estate, the woods-themed development overlooks Sungei Ulu Pandan, and is close to Jurong Lake District and the one -north R&D cluster. Unit types range from two- to four-bedroom and double-key flats.
Meanwhile, Fragrance and Aspial Group’s 582-unit Urban Vista condo obtained its TOP this month.
Located within walking distance from Tanah Merah MRT station, the development features one- to five bedroom units and penthouses, including dual-essential choices.
“In the short term, Urban Vista’s conclusion in April 2016 will effectively lower our bank borrowings through additionally providing $100 million of cash to the group’s balance sheet, and paying off the development’s project financing,” noted Koh.
The group’s financial standing is also expected to improve later this year once The Hillford and Kensington Square are completed, he added.
In late-March, Aspial issued a $200 million retail bond with an attractive interest rate of 5.3 percent.