Ho Bee Land acquires residential site in Melbourne for A$142m

REAL estate developer Ho Bee Land H13 will acquire a residential development site in Melbourne, Australia for A$142 million (S$142.3 million), it said in a bourse filing on Wednesday (Nov 3).

Its wholly-owned subsidiary HBL VIC has entered into a sale and purchase agreement for the property - a 68.52 hectare site, located 22 km north of the Melbourne central business district within the Craigieburn West Precinct Structure Plan area.

The site is estimated to deliver approximately 1,150 residential lots, parks and wetlands. The acquisition is in line with the group's objective to develop master-planned residential communities in Queensland and Victoria, Ho Bee Land said.

The acquisition will be financed by the group's internal funds and bank borrowings, and is not expected to have any material impact on the group's consolidated earnings and net tangible assets per share for the financial year ending Dec 31, 2021.

Shares of Ho Bee Land closed at S$2.82 on Tuesday (Nov 2), down S$0.01 or 0.4 per cent.

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