Thursday, October 23, 2014

Billionaires getting cheaper!

I posted recently on Aspial, the Singapore property developer expanding into apartment developments in Australia. A few days ago the company featured in The Australian: Singapore-based Aspial eyes local apartment pipeline
Singapore-based Aspial Corporation, headed by billionaire businessman Koh Wee Seng, has amassed six sites in Australia since January, delivering a development pipeline of 5200 apartments, it has revealed in an investor briefing. The secretive developer has bought a number of sites along the eastern seaboard, but has made few public comments about its development intentions.
Not to be left out Nick Dalton picked it up and skilfully paraphrased Singapore developer Aspial briefs investors on its major project in Cairns
Singapore-based Aspial Corporation, headed by billionaire businessman Koh Wee Seng, has revealed its project in Cairns is the firm’s biggest in Australia. But the secretive developer has not mentioned buying a second site in Cairns.
Koh Wee Seng  is listed at #37 on the Forbes Singapore list with a net worth of $720 million. I can't find any reference elsewhere to him being a billionaire. Never mind, either billionaires are deflating, or close enough is good enough apparently, or perhaps even they were confused with his wealthier sibling.

I don't know either how Aspial could be described as secretive. The projects in Cairns and Melbourne Southbank have been extensively reported. The company is listed on the Singapore Stock Exchange and company announcements and financial information are easily searched. The investor briefing referenced above as the basis for these stories can be found here:

The Australian development projects are the same as I listed from the Aspial annual report in a previous post: A quick look at Aspial Corporation

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