{"id":55203,"date":"2017-05-18T09:50:20","date_gmt":"2017-05-18T02:50:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/aspial-corp-to-list-property-arm-in-singapore\/"},"modified":"2017-05-18T09:58:45","modified_gmt":"2017-05-18T02:58:45","slug":"aspial-corp-to-list-property-arm-in-singapore","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aspial-corp-to-list-property-arm-in-singapore\/","title":{"rendered":"Aspial Corp to list property arm in Singapore"},"content":{"rendered":"<p>&#013;<br \/>\nAspial Corp carries out its property development business in Malaysia and Australia through World Class Global\u00a0which unveiled three projects for sale \u2013 Melbourne\u2019s AVANT residential project (pictured), Australia 108 condominium and Nova City in Cairns.<br \/>\nIn an effort to raise funds for working capital as well as property purchase and construction, Aspial Corporation Limited plans to spin off its property development division by floating it on the Catalist board of the Singapore Exchange (SGX), reported The Business Times.<br \/>\nAspial Corp, which operates pawnshops and jewellery stores, carries out its property development business in Malaysia and Australia through World Class Global, whose Non-Executive Chairman Koh Wee Seng is also the CEO of the parent firm. Koh\u2019s brother-in-law Ng Sheng Tiong is the Chief Executive of the subsidiary.<br \/>\nBoth persons will be selling stocks in the offering, with each owning five percent of the share capital of World Class Global prior to the issuance. However, the proceeds from the listing and the schedule of the initial public offering have not yet been determined.<br \/>\nZICO Capital, the transaction\u2019s sponsor and issue manager, will also get some stocks in World Class Global as payment. UOB KayHian was appointed as the listing underwriter and placement agent, while OCBC Bank was named as the sub-placement agent.<br \/>\nNotably, Aspial Corp\u2019s property development arm has been suffering from losses since 2014. Last year, it recorded a net loss of S$6.3 million, while net asset value reached S$88.4 million as of 31 December 2016.<br \/>\nAccording to the listing\u2019s preliminary prospectus, the losses are due to accounting rules that prevents World Class Global from posting revenue until a project is ready. In the past two years, there were no projects completed and handed over to home buyers.<br \/>\nIn Australia, it unveiled three projects for sale. Melbourne\u2019s AVANT residential project is 94 percent sold for A$270.6 million and is expected to be completed by end-2018. The Australia 108 condominium in the same city recorded sales of A$949.7 million, with take-up at 97 percent. Handover will be done in two phases between 2018 and 2020.<br \/>\nMeanwhile, World Class Global sold 9.6 percent of the flats at the mixed-use Nova City in Australia as of 31 December 2016 following its launch in October of the same year.<br \/>\n\u00a0<br \/>\nThis article was edited by Denise Djong.&#013;<br \/>\n&#013;<br \/>\nSource : proppertyguru.com.sg\/Property Market&#013;<br \/>\nRead more&#8230;<a href=\"http:\/\/www.propertyguru.com.sg\/property-management-news\/2017\/5\/152617\/aspial-corp-to-list-property-arm-in-singapore\" target=\"_blank\">Aspial Corp to list property arm in Singapore<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; Aspial Corp carries out its property development business in Malaysia and Australia through World Class&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-55203","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-emn","jetpack-related-posts":[{"id":71358,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aspial-corp-records-7-51m-in-earnings-in-9m-2017\/","url_meta":{"origin":55203,"position":0},"title":"Aspial Corp records $7.51m in earnings in 9M 2017","date":"November 9, 2017","format":false,"excerpt":"\r Aspial Corporation\u2019s net profit soared by more than five-fold to $7.51 million in 9M 2017 compared to $1.38 million in the same period a year ago, revealed an SGX filing on Wednesday (8 November). However, the jewellery seller and property developer\u2019s revenue declined by 19 percent from $440.85 million\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102427,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/citygate-receives-top-now-ready-for-occupation\/","url_meta":{"origin":55203,"position":1},"title":"CityGate receives TOP, now ready for occupation","date":"December 20, 2018","format":false,"excerpt":"\r Located along Beach Road, the CityGate project offers waterfront views of the Kallang River. Property buyers and investors can now use their condominium units or commercial premises at the CityGate project in District 7, according to an SGX filing on Wednesday (19 Dec). \u201cBayfront Ventures, a 50:50 joint venture\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101031,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aspials-property-business-revenue-nearly-quadruples\/","url_meta":{"origin":55203,"position":2},"title":"Aspial\u2019s property business revenue nearly quadruples","date":"November 8, 2018","format":false,"excerpt":"\r Artist\u2019s impression of the City Gate project in Singapore. Aspial Corporation\u2019s revenue for the first three quarters of 2018 more than doubled to $771.68 million compared to $354.93 million in the same period a year ago, revealed an SGX filing on Wednesday (7 Nov). The robust growth was driven\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22907,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-developers-face-record-debt-maturities\/","url_meta":{"origin":55203,"position":3},"title":"Singapore developers face record debt maturities","date":"August 15, 2016","format":false,"excerpt":"\r Developers here are facing record debt maturities, just as home sales posted their longest-ever losing streak. Property firms in Singapore are facing record debt maturities \u2013 $1.8 billion of local currency bonds this quarter, $1.2 billion in the fourth quarter and another $3.7 billion next year \u2013 just as\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":148505,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/%e0%b8%ad%e0%b8%aa%e0%b8%b1%e0%b8%87%e0%b8%ab%e0%b8%b2%e0%b8%af-%e0%b9%84%e0%b8%97%e0%b8%a2-%e0%b8%84%e0%b8%a7%e0%b9%89%e0%b8%b2-4-%e0%b8%aa%e0%b8%b8%e0%b8%94%e0%b8%a2%e0%b8%ad%e0%b8%94%e0%b8%a3\/","url_meta":{"origin":55203,"position":4},"title":"\u0e2d\u0e2a\u0e31\u0e07\u0e2b\u0e32\u0e2f \u0e44\u0e17\u0e22 \u0e04\u0e27\u0e49\u0e32 4 \u0e2a\u0e38\u0e14\u0e22\u0e2d\u0e14\u0e23\u0e32\u0e07\u0e27\u0e31\u0e25\u0e2d\u0e2a\u0e31\u0e07\u0e2b\u0e32\u0e2f \u0e23\u0e30\u0e14\u0e31\u0e1a\u0e40\u0e2d\u0e40\u0e0a\u0e35\u0e22 \u0e1a\u0e19\u0e40\u0e27\u0e17\u0e35 PropertyGuru Asia Property Awards 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News&quot;","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/12\/APAGF-2024-Group-photo.jpg?fit=1200%2C750&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":44420,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/consortium-awarded-joint-development-partner-contract-for-hsr-project\/","url_meta":{"origin":55203,"position":5},"title":"Consortium awarded joint development partner contract for HSR project","date":"February 17, 2017","format":false,"excerpt":"\r The 350km High Speed Rail project is expected to reduce travel time between KL and Singapore to just 90 minutes. The joint development partner (JDP) contract for the Kuala Lumpur-Singapore High Speed Rail (HSR) project has been awarded to a consortium comprising WSP Engineering Malaysia, Mott MacDonald Malaysia and\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/55203"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=55203"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/55203\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=55203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=55203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=55203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}