SINGAPORE - Roxy-Pacific Holdings has entered into contracts to acquire two vacant sites in Sydney, Australia.

The deal, which was made through Roxy-Pacific's wholly-owned indirect subsidiary, Roxy Gordon, is for the sites at No. 14 Cowper Street and No. 8 Elger Street.

The total price of the properties is A$67,380,000 (S$68,827, 394), excluding goods and services tax.

The properties are two city fringe residential development sites comprising an aggregate land area of approximately 7,125 square metres, with a development potential of 248 residential units, subject to final regulatory approval.

The acquisition will be financed by internal funds and bank borrowings, and is not expected to have any material impact on the earnings per share and the net tangible assets per share Roxy-Pacific for the financial year ending Dec 31, 2015.

In connection with the acquisition, the name of Roxy Gordon has been changed to RoxyPacific Glebe.