Specialty property and hospitality group Roxy-Pacific Holdings has acquired a freehold residential site in Jalan Eunos for $10.1 million.
The site has an estimated total land area of 13,491 sq ft and an existing plot ratio of 1.4 under the 2014 Master Plan for residential apartment development.
The purchase will be financed by internal funds and bank borrowings, Roxy-Pacific said in an announcement to the Singapore Exchange. The acquisition is not expected to have a material impact on the group's consolidated earnings and net tangible assets per share for the financial year ending Dec 31.
None of the directors or controlling shareholders of the company has any interest in the acquisition, other than through their shareholdings in the firm, Roxy-Pacific said.
Shanghai-based Chiwayland International yesterday announced the establishment of a wholly owned subsidiary, Epping Hillview.
The unit has been set up to develop a 4,422 sq m land site it recently acquired in the northern Sydney suburb of Epping for A$24.3 million (S$24.6 million). The group plans to develop a 90-unit apartment project there.
Mr Qian Jianrong, executive chairman and chief executive, said he believed the demand for homes with "good attributes" in key Australian cities remained healthy, supported by interstate migration and the government's plans to revitalise certain suburbs. The project is the group's sixth property project in Australia.
Packaging-maker SunMart Holdings has reported a rise in third-quarter earnings despite a fall in revenue amid China's weakening economic conditions.
The bottom line for the period ended Sept 30 was helped by the collection of a long outstanding receivables and foreign exchange- related gains.
Net profit for the three months to Sept 30 was 11.1 million yuan (S$2.5 million), reversing a net loss of 3.8 million yuan in the same period last year. Revenue fell 9.1 per cent to 79.6 million yuan.
Earnings per ordinary share was 2.8 fen, reversing a loss per share of 0.9 fen last year. Net asset value was 72.1 fen as at Sept 30, compared with 68.6 fen as at Dec 31 last year.
SunMart said it may consider investing upstream in selected firms to secure its supplies and take advantage of costs and technology synergies.