Boil the asparagus in salted water over medium heat for 15 minutes. Remove with a slotted spoon and drain well.
Add the butter and sugar to the cooking water. Return the asparagus to the water and cook over medium heat for 12-15 minutes until tender. Drain thoroughly.
Wrap 2-3 asparagus spears together with 1 slice of serrano ham, rolling the ham around the bundle.
Arrange the wrapped asparagus bundles on warmed plates and serve immediately.