Roxy-Pacific Holdings said its wholly owned subsidiary, RH West Coast, has agreed to acquire a freehold residential site at 223A Pasir Panjang Road, also known as Harbour View Gardens, at $33 million.
The freehold residential site has a total land area of 30,745 sq ft and an existing plot ratio of 1.4 for residential apartment development.
On signing of the agreement, the company plans to enter into a joint venture agreement with Macly Equity, Rich-Link Development and Ken Yeo Aik Hui for the purpose of the purchase and development of the development.
Macly Equity, Rich-Link and Ken are not related to the company, said Roxy-Pacific.
Under the JV agreement, the company, Macly Equity, Rich-Link and Ken will inject capital in RH West Coast in respective shareholdings of: 45%, 45%, 8% and 2% respectively.
Roxy-Pacific said 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 December 31, 2012.
Source The Edge – 2012 Jul 25