View of the vacant lot, which is expected to be developed into an apartment project comprising over 100 units. (Photo: Roxy-Pacific Holdings)
Roxy-Pacific Holdings subsidiary RH Capital Two has signed an agreement to acquire a freehold residential site along River Valley Road for $110 million, the group announced on Monday (7 August).
Located about 200m from the upcoming Great World City MRT station on the Thomson-East Coast Line, the vacant lot has a land area of 28,798 sq ft and an existing plot ratio of 2.8 under the 2014 Master Plan.
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Roxy-Pacific intends to develop the site into a high-rise apartment block of over 100 units, and is expected to launch the project in Q3 2018.
Responding to our queries, a spokesperson for the developer said: “The acquisition was premised on the company’s view that prime properties are currently undervalued and is in a recovery cycle.”
The cost of the acquisition will be financed by internal funds and bank borrowings, and is not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending 31 December.