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27 Moulmein Rise sold to Roxy-Pacific Holdings associated company
A ROXY-PACIFIC Holdings associated company, RH Novena, has bagged two adjacent freehold residential sites at 27 Moulmein Rise for S$106 million from 27MR.
Located near Novena MRT, the total land area stands at 22,198 sq ft and can be redeveloped into a 20-storey apartment building with a maximum permissible gross floor area of 72,003 sq ft.
It was sold by Sakal Real Estate Partners, making it the maiden deal for the boutique investment advisory and brokerage house which launched on May 1.
The former Grand Tower used to sit on the site before it was sold en bloc to 27MR. But it was not redeveloped after the building was demolished.
"This is a prized location. The sites' proximity to Novena MRT station, plethora of retail & F&B offerings located nearby and the progressive completion of the Health City Novena will continue to underpin both investor and occupier demand for high-quality residences in this area for a long time to come," Steven Ming, managing director at Sakal.
For Roxy-Pacific Holdings, 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 Dec 31, 2018.
Roxy-Pacific Holdings' counter closed half a Singapore cent lower at S$0.505 on Wednesday.