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Roxy-Pacific subsidiary purchases Melbourne property for A$33.02m

AN INDIRECT wholly owned subsidiary of mainboard-listed Roxy-Pacific Holdings Limited on Friday announced that it has entered into a contract of sale to acquire a property located in Melbourne's central business district for A$33.02 million (S$33.72 million).

With the purchase, the subsidiary - Roxy-Pacific Wentworth Pte Ltd - has also been renamed as Roxy-Pacific Melbourne House Pte Ltd.

The acquirers have already paid a 10 per cent deposit of the acquisition price, which will be financed by internal funds and bank borrowings.

The property was purchased after taking into account various commercial factors, such as the location of the property and its redevelopment potential in the future, the group said in a filing with the Singapore Exchange after the market closed.

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The group intends to redevelop the property for a mixed-use development, comprising hotel and retail units, the property developer added.

Melbourne House is a six-storey commercial and retail building located at 360 Little Bourke Street.

It is a freehold property and has a total site area of approximately 937 sq m, and a current net lettable area of approximately 4,504 sq m.

Roxy-Pacific shares were last traded on Thursday at S$0.535.