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Roxy-Pacific buys residential land in Australia for A$15.65m

ROXY-PACIFIC Holdings on Wednesday said its subsidiary has entered into contracts to buy the land at 6A and 8 Buckingham Road, Killara New South Wales, Australia, for A$15.65 million (S$15.69 million).

The properties have a freehold tenure with a land area of about 3,792.2 square metres. The vendor of the properties has obtained development approval to develop two residential flat buildings comprising 43 apartments and 63 residential car spaces.

The acquisition is subject to conditions, including obtaining approval from the Foreign Investment Review Board of Australia.

It 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 for the current financial year ending December 2015.