Roxy-Pacific associate acquires a 999-year leasehold residential site for S$23m

MEQUITY Hills, an indirect associate of property player Roxy-Pacific Holdings, has entered into an agreement to acquire a 999-year leasehold residential site for S$23 million.

The site, which is located at 11 Institution Hill, has an estimated total land area of 5,539 sq ft and a plot ratio of 2.8 under the 2019 Master Plan for residential development, said Roxy-Pacific in a bourse filing after market close on Monday.

The acquisition will be financed by a combination of internal funding 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 Dec 31, 2021.

Mequity Hills had previously announced its intention to amalgamate the site at 11 Institution Hill with another 999-year leasehold residential site at 10A and 10B Institution Hill that it had acquired for S$33.6 million. The acquisition of the site at 10A and 10B Institution Hill was completed on May 14.

The amalgamated site will have an estimated total land area of 14,300 sq ft with a total gross floor area of 40,040 sq ft for residential development.

Shares of Roxy-Pacific closed at 35.5 Singapore cents on Monday, up 0.5 cent or 1.4 per cent.