Roxy-Pacific to buy adjoining property on Lorong Kismis

A SUBSIDIARY of Roxy-Pacific Holdings has entered into a put and call agreement to acquire a property, 19 Lorong Kismis, for S$5.7 million.

The property, a residential site with a tenure of 99 years from Nov 9, 1960, has estimated total land area of 9,473 square feet with an existing plot ratio of 1.4.

Roxy-Pacific said that it intends to amalgamate the property with the other development it has agreed to buy, Kismis View, for residential development.

The combined site has a total estimated land area of 100,336 sq ft, it said.

The cost of the acquisition will be financed by internal funds and bank borrowings.

It is not expected to have a material impact on its financial results for the current financial year.