Roxy-Pacific to buy Grange Road freehold residential site for S$48.5m

SINGAPORE-LISTED Roxy-Pacific Holdings said on Thursday its wholly owned subsidiary RPV Assets Pte Ltd would acquire the development at 120 Grange Road for S$48.5 million.

The freehold residential site has an estimated total land area of 15,780 square feet and an existing plot ratio of 2.1 for residential apartment development, the group said in a filing to the local bourse.

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, 2016.

Subsequent to the above acquisition, RPV Assets will change its name to RH Orchard Pte Ltd.