SINGAPORE - Property group Roxy-Pacific Holdings said on Monday (Aug 7) that it has entered into an agreement to acquire a freehold residential site in River Valley Road for S$110 million.

The site is between the Verv @ RV and Wilmer House condominiums.

It has a total land area of 28,798 sq ft and an existing plot ratio of 2.8 under the 2014 Master Plan for residential apartment development.

Roxy-Pacific said 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 for the current financial year ending December 31.

The acquisition will be made via Roxy-Pacific's subsidiary, RH Capital Two.