Specialty property and hospitality group Roxy-Pacific Holdings Ltd on Tuesday said that its wholly-owned subsidiary RL Central Pte Ltd has agreed to buy a freehold site comprised at 131 Mackenzie Road for about S$24.6 million.
The site has a total land area of 1,198 square meters and a maximum plot ratio of 2.1 for residential development, the mainboard-listed company said in a statement.
It said the purchase is conditional upon an Order for Sale from the Strata Titles Board, or the High Court approving the sale and purchase.
It added that the acquisition will be fully funded through the company’s internal funds and bank borrowings.
Source : Channel NewsAsia – 12 Apr 2011