Property group Roxy-Pacific announced yesterday that it has acquired a freehold residential site at No. 26, Sea Avenue, in Joo Chiat for $21.5 million.
The site has a total land area of 19,474 sq ft and an existing plot ratio of 1.4 under the 2014 master plan for residential apartment development.
The cost of 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.
Property firm GuocoLand signed a multi-year contract with fitness club Virgin Active for a 31,000 sq ft space at Tanjong Pagar Centre.
The mixed-use project consists of Guoco Tower, a 38-storey office block, with six levels of retail and food and beverage space, as well as a luxury business hotel.
Located on the sixth floor of Guoco Tower, Virgin Active's latest club will be opened by the middle of next year, when the development is completed.
Sitting atop the Tanjong Pagar MRT station, Tanjong Pagar Centre will boast 1.7 million sq ft of space.
It will be the tallest building in Singapore soaring 290m, once completed.
Hong Leong Asia
The board of Hong Leong Asia, the trade and industrial arm of Hong Leong Group, has issued a profit warning regarding the financial results for the company's third quarter ended Sept 30.
It added that a loss for the year-to-date ended Sept 30 is also likely, owing to the higher losses incurred by the group's consumer products unit as a result of lower unit sales.
The profits generated by the other profitable business units of the group were not sufficient to offset the losses incurred by the unit.
The board advises shareholders and investors to exercise caution when dealing in the company's shares.