Roxy-Pacific acquires residential land in Australia for S$15.66m

SINGAPORE - Roxy-Pacific Holdings said on Wednesday (Nov 11) that its said a wholly-owned unit has entered into contracts to purchase land at 6A and 8 Buckingham Road in Killara in the Australian state of New South Wales, for A$15.65 million (S$15.66 million).

The properties have a freehold tenure with a land area of approximately 3,792.2 sq m. The vendor of the properties has obtained development approval to develop two residential flat buildings comprising 43 apartments and 63 residential car spaces.

The acquisition is subject to certain conditions, including obtaining approval from the Foreign Investment Review Board of Australia.

It 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 for the current financial year ending Dec 31.