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.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email firstname.lastname@example.org