Property and hospitality group Roxy-Pacific Holdings has acquired a 14-storey property in downtown Sydney for A$81 million (S$83 million) through an indirectly owned subsidiary.
The site in the city's central business district is a sprawling 1,190 sq m, freehold property with a net lettable area of about 12,571 sq m.
The property, bought by its 50-per-cent-owned subsidiary Feature-Roxy, has the potential to be a stable source of rental income for the group, the company said in a release yesterday.
The other 50 per cent stake in Feature-Roxy is held by Feature Trend (Sydney), a unit of Singapore property developer Tong Eng Group.
The freehold property at 117, Clarence Street, boasts three street fronts with views through Sydney's central business district and out to the iconic Darling Harbour.
Roxy-Pacific said the acquisition 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.
The property will be financed by internal funds and bank borrowings.