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.
According to Amara, the acquisition is “in the ordinary course” of its business, and will be financed from internal funds.
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Shares in Amara closed 2 cents lower or 5.3% down at 36 cents on March 4.
