Property and jewellery group Aspial Corporation has secured $275 million in earnings after selling all the units at Waterfront @ Faber, which comprises 199 apartments and 11 strata -landed dwellings.
Once the residential project receives its TOP in the first half of 2017 the group expects to receive a large payout.
Located within Faber Hills estate, the woods-themed development looks out on Sungei Ulu Pandan, and is close to the one and Jurong Lake District -north R&D bunch. Unit types range from two- to four-bedroom and double-key apartments.
Meanwhile, Fragrance and Aspial Group’s 582-unit Urban Vista condo obtained its TOP this month.
Situated within walking distance from Tanah Merah MRT station, the development features one- to five bedroom units and penthouses, including double-essential options.
Aspial stands to gain around $100 million in cash over the forthcoming months, which it could use to trim down debt by fulfilling the aforementioned demands.
“In the short term, Urban Vista’s finish in April 2016 will efficiently lower our bank borrowings through paying off the development’s project financing, and further providing $100 million of cash to the group’s balance sheet,” noted Koh.
The group’s fiscal standing is also anticipated to enhance once The Hillford and Kensington Square are completed later this year, he included.
In late-March, Aspial issued a $200 million retail bond with an attractive interest rate of 5.3 percent.