The leasehold site at 11 Institution Hill has an estimated total area of 5,539 sq ft. Source: Google Maps

Roxy-Pacific Holdings’ indirect associated company, Mequity Hills, has agreed to acquire a 999-year leasehold residential site for $23 million.

Located at 11 Institution Hill, the site has an estimated total area of 5,539 sq ft and a plot ratio of 2.8 under the 2019 Master Plan for residential development, revealed Roxy-Pacific in an SGX filing on Monday (17 May).

It does not expect the acquisition – which will be funded by a combination of bank borrowings and internal funds – to materially affect the group’s consolidated earnings and net tangible assets per share for the current financial year ending 31 December 2021.

Mequity Hills has previously announced plans to amalgamate the site at 11 Institution Hill with another 999-year leasehold site located at 10A and 10B Institution Hill, which it acquired for $33.6 million. The acquisition for the latter site was completed on 14 May.

“The amalgamated site will have an estimated total land area of 14,300 sq ft with a total gross floor area of 40,040 sq ft for residential development,” said Roxy-Pacific.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg