Roxy-Pacific to buy freehold residential site near Marine Parade

Property developer Roxy-Pacific has agreed to acquire a freehold residential site near Marine Parade for S$21.5 million, it said in a bourse filing on Wednesday.

The plot, at 26 Sea Avenue, has a total land area of 19,474 sq ft and an existing plot ratio of 1.4 under the 2014 Master Plan for residential apartment development.

For that size, the purchase sum works out to roughly S$789 per sq ft per plot ratio.

The acquisition, done through its unit Roxy Capital, will be financed by internal funds and bank borrowings and is not expected to have a material impact on the group’s earnings and net tangible assets per share for the current financial year, it said.

Roxy-Pacific shares were not traded on Wednesday. The counter last traded at S$0.49 on Tuesday, half a cent up from Monday.

Source : Channel NewsAsia – 30 Sep 2015

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