Catalist-listed developer to buy Melbourne land for $16.3 million

SINGAPORE - Catalist-listed commercial and industrial developer Figtree Holdings has inked a deal to buy a freehold property in Melbourne, Australia, it told the Singapore Exchange on Tueday.

The purchase price of close to A$14 million, or around $16.3 million, factors in the property's redevelopment potential and location, it said.

The site has an existing three-storey building and is being sold by Mr George Yankos, Mr Antigone Yankos and Mr Lambros Yankos.

Figtree said it intends to develop the freehold land parcel into a high-rise mixed development.

The purchase will be funded by internal resources and bank loans.

It has used part of net proceeds from its initial public offering late last year to pay 10 per cent of the site's total purchase price, it added.

Figtree was listed on the Catalist in November 2013 at 22 cents, through a share placement.

Its shares ended half a cent higher at 21 cents on Tuesday.