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Roxy-Pacific unit to take 49% stake in Jakarta site for 33.4b rupiah

ROXY-Pacific Holdings has agreed to buy a 49 per cent stake in a plot of land in Jakarta for 33.38 billion rupiah (S$3.3 million) in order to build a hotel, the property development and hospitality group announced on Monday.

Roxy-Pacific's stake will be part of a larger consortium of investors who are buying the entire site for 68.1 billion rupiah, with each member of the consortium paying in proportion to its stake. Roxy-Pacific, which is buying the stake through wholly owned subsidiary Roxy Jakarta Hotels, will pay for its share with internal funds.

The site sits at Jalan Kramat Raya No 110, Kelurahan Kwitang, Kecamatan Senen, Jakarta Pusat. The plan is to develop and own a hotel on the site.

Roxy-Pacific's shares closed at 50 Singapore cents, up by 2 per cent or one Singapore cent, before the announcement was made.