RH Guillemard has entered into agreements to purchase freehold residential sites at 2 and 6 Guillemard Lane. (Photo: Google Maps)
Roxy-Pacific Holdings subsidiary RH Guillemard has entered into agreements to acquire freehold residential sites at 2 and 6 Guillemard Lane in Geylang for a total of $33.5 million.
The sites have an estimated total land area of 14,030 sq ft and an existing gross plot ratio of 2.8 under the 2014 Master Plan.
The group intends to amalgamate the sites with freehold plots at 12 and 14 Guillemard Lane, which were acquired last month, for residential development.
The combined site has a total area of about 25,601 sq ft and could yield 95 units. The project is expected to launch in the second half of 2018.
The acquisition will be financed by internal funds and bank borrowings and are not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share for the current financial year ending 31 December.