A consortium led by Roxy-Pacific Holdings, a homegrown specialty property and hospitality group listed on the SGX Mainboard, has acquired the Marina House at Shenton Way for S$148 million.
The deal was done through its wholly-owned subsidiary RL Properties, which has formed a group with four other firms — Pinnacle Assets, Macly Capital, Fission Holdings and Mr. Chee Hsian Sing — with each party holding a 20-percent share in the property.
Owned by the Hong Leong Group, Marina House sits on a 1,833.5-sq-m land area with a 17-storey office tower and a four-storey podium.
The group intends to convert Marina House into a luxurious mixed development, with a 42-storey residential apartment block and commercial space on the first floor.
Roxy-Pacific is confident that the development will be well-received, with its location near Tanjong Pagar MRT, Marina Bay, the two Integrated Resorts and the upcoming Tanjong Pagar Waterfront City.
The acquisition will be financed through its internal cash resources and it is not expected to have a material impact on the Group’s earnings per share for the current fiscal year.
Project details will be revealed at a later date.