Singapore’s property cooling measures do not appear to have hurt the bottomline of property and hospitality group, Roxy-Pacific Holdings.
Roxy-Pacific booked an 8 per cent rise in second quarter net profit to S$17.7 million, due partly to higher revenue from its property development business.
Its market capitalisation leaped from S$190.97 million at listing, to S$410.6 million as of July 31, 2012.
Roxy-Pacific said it is eyeing freehold sites to boost its land bank for future growth.
It recently acquired Jade Towers at 2 and 4 Liew Lian Vale, Westvale Condominium in Pasir Panjang Road, Sophia Mansion at 14 Adis Road and Harbour View Gardens at 211 to 223A Pasir Panjang Road, between April to July 2012.
Teo Hong Lim, CEO, Roxy-Pacific Holdings Limited, said: “Recently, we started to acquire four enblocs. We figure freehold is going to be rare, and that’s where we should probably position our supply to be.”
Roxy-Pacific counts Spottiswoode 18, Space@Kovan, Studios@Tembeling, Jupiter 18 and Nova 88 among its recent property projects.
It also owns Grand Mecure Roxy Hotel and 52 retail shops at The Roxy Square Shopping Centre.
Source : Channel NewsAsia – 7 Aug 2012